Lovell is selected preferred bidder at Miles Platting PFI regeneration scheme as part of Renaissance.
The regeneration of Miles Platting in East Manchester will transform a 107 hectare (264 acre) area and see the refurbishment of 1,600 council properties and the construction of over 1,000 family houses and apartments.
Financed through a Private Finance Initiative (PFI) and with public money in excess of £100m, building works will begin in early 2007 with a five year comprehensive refurbishment programme.
Construction of new build homes will begin in 2008. It is estimated that the new build housing scheme will take approximately eight years to complete.
The Miles Platting scheme in East Manchester is a terrifically exciting opportunity and we are delighted to lead the preferred partner, the Renaissance consortium.
Paul Smith, chief executive of Morgan Sindall
This programme of refurbishment and new build is potentially worth up to £200 million for Lovell over the period of the redevelopment. The Renaissance consortium comprises Lovell in partnership with Family Housing Association (Manchester), part of the Adactus Housing Group, and Mill Group.
Paul Smith, chief executive of Morgan Sindall said: "The Miles Platting scheme in East Manchester is a terrifically exciting opportunity and we are delighted to lead the preferred partner, the Renaissance consortium. This project will make a dramatic difference to the Miles Platting area."