Contractor’s investments arm will fund housebuilding programme for east London borough
Morgan Sindall’s investment arm has been chosen as Brentwood council’s preferred partner to fund the borough’s plans to build new homes and other schemes for the next 30 years.
The joint venture with the council, worth a potential £1bn, has still to be approved by the council but Morgan Sindall Investments said its appointment followed “an extensive and competitive procurement process in which it saw off 15 rival firms”.
Once approval is given – a decision is expected in a matter of months – Morgan Sindall’s Investments arm will provide funding to help the council speed up the delivery of new homes and a range of other improvement projects.
The JV is the fourth Morgan Sindall Investments has been involved in. It is currently working with Bournemouth, Hertfordshire and Slough.
Brentwood council is acting as a central purchasing body through which other local contracting authorities in Essex may procure a similar partnership with Morgan Sindall Investments.
Once it is approved Morgan Sindall said the JV would retain and manage certain developed properties “and there will be opportunities for the council to acquire properties, including affordable housing”.