Morgan Sindall Group has formed a £1bn (€1.2bn) partnership with Brentwood Borough Council to provide new homes and mixed-use developments on the UK local authority’s portfolio of land.
The construction and regeneration group said its subsidiary Morgan Sindall Investments (MSIL) will deliver funding and commercial expertise to bring forward ”redevelopment at pace and scale that will transform” the borough in the East of England.
The 50:50 joint venture will provide new homes, mixed-use developments, public spaces, commercial and leisure facilities in the Essex borough. The partnership’s concession period is for 30 years.
The council will be acting as a central purchasing body through which other local contracting authorities in Essex may procure a substantially similar partnership with MSIL.
Morgan Sindall said the joint venture will retain and manage certain properties that are developed and there will be opportunities for the council to acquire properties, including affordable housing.
The listed group said the latest venture is MSIL’s fourth local authority partnership adding to its current joint venture relationships in Bournemouth, Hertfordshire and in Slough.
John Morgan, CEO of Morgan Sindall Group, said: “We are very pleased to have been selected by Brentwood Borough Council as its preferred JV partner.
“It underscores MSIL’s position as a leading local authority JV development partner and builds on the excellent work that we have achieved in Bournemouth and Slough.”
Brentwood Borough Council leader, councillor Louise McKinlay, said: “This is the largest and most significant project Brentwood Borough Council has ever undertaken and will produce the most comprehensive opportunity for redevelopment in our borough.”
McKinlay said the partnership will allow Brentwood Borough to make use of council land to build the vital homes and facilities its community needs.
”At a time of ongoing time squeezed local government funding, the profits raised will help to protect against making cuts to frontline services.
”Our residents will, over the coming months and years, be able to see a real change that will build on our heritage and create a Town of the future for generations to come.”