Morgan Sindall has reached financial close on a Bournemouth town centre PPP project will run over 20 years
Morgan Sindall Investments Limited, its investment unit, has signed contracts with Bournemouth Borough Council for the Bournemouth Town Centre Vision LABV scheme.
The scheme, which will run for 20 years and has a development value of between £350m and £500m, is a 50/50 joint venture Public Private Partnership between Bournemouth Borough Council and MSIL.
The project is set to deliver a range of residential and mixed-use developments, including leisure attractions, new housing, shops and offices across 17 sites in the town centre. MSIL will provide funding for the on-going development of projects, matching the land value contribution of Bournemouth Borough Council.
In addition, MSIL will provide a range of strategic development services to the Local Asset Backed Vehicle partnership. This includes long-term master planning, detailed site development planning, property management and design and construction. Surpluses generated by the partnership will be reinvested in improvements to the town’s infrastructure and public spaces.
Commenting on the deal, Morgan Sindall chief executive Paul Smith said: “We are delighted to finalise this contract with Bournemouth Borough Council.
“We have vast experience of delivering complex, long-term mixed-use projects of this nature and look forward to working alongside the council during the project’s lifetime.
“MSIL’s portfolio of investment-led projects is growing.
“Our strategic approach in bidding for schemes that require integrated investment and construction capabilities will create shareholder value in the long-term and generate work for our construction divisions in the short-term.”