Contractor’s investment arm appointed preferred partner for a £1bn 15-year regeneration project in Slough
Morgan Sindall’s investment arm has been appointed preferred partner for a £1bn 15-year regeneration project in Slough.
Morgan Sindall said it had been appointed as preferred partner for Slough Borough Council’s Local Asset Backed Vehicle (LABV) joint venture.
Through the LABV partnership, Morgan Sindall Investments will provide project funding and investment expertise to Slough Borough Council to deliver a series of regeneration developments up to a total value of £1bn over a period of 15 years.
Under the contract the LABV will procure works from Lovell, Morgan Sindall’s affordable housing business, and its construction business.
The first phase of development includes a new build library and community facility to be built by Morgan Sindall.
The design and build contract value of the initial tranche of community developments is £54m.
Other developments will include a new build secondary school and a new build leisure centre with an ice rink.
The first tranche of residential developments by Lovell Partnerships will provide 525 new homes across five sites with a gross development value of £105m.
Paul Smith, chief executive of Morgan Sindall Group said: “We have a strong track record working in partnership with Local Authorities to deliver large-scale, complex regeneration schemes.
“We are delighted to have this opportunity to partner with Slough Borough Council to fulfill their vision for the regeneration of the area and deliver this important project for the local community.”