Brentwood Borough Council and Morgan Sindall Investments, have formed a joint venture Property Development Partnership between the council’s own property company, Seven Arches Investments Ltd and Morgan Sindall Investments. The joint venture is to be known as Brentwood Development Partnership.
The 50:50 JV will provide new homes, mixed-use developments, public spaces, commercial and leisure facilities on the council’s substantial portfolio of land. Through the partnership, Morgan Sindall Investments will deliver funding and commercial expertise to bring forward redevelopment at pace and scale that will transform the Borough.
With a potential contract value of up to £1bn, the partnership’s concession period is for 30 years.
The announcement marks the latest long-term local authority partnership that Morgan Sindall Investments has entered into. The company will draw on its strong track record of working in collaboration with councils across the UK. Its current JVs include partnerships in Bournemouth, Hertfordshire and in Slough, where funds raised from land receipts and development profits have helped to prevent cuts to frontline services.
Wes Erlam, managing director of Morgan Sindall Investments, said: “Morgan Sindall Investments are delighted to have achieved this milestone with Brentwood Borough Council. We look forward to working together to optimise opportunities from a portfolio of developments and responding to the changing needs of Brentwood’s community over time.”
“Morgan Sindall Investments are delighted to have achieved this milestone with Brentwood Borough Council.
We look forward to working together … responding to the changing needs of Brentwood’s community”
Brentwood Borough Council Leader, Cllr Chris Hossack, said: “This is the formal signing that now allows us to move forward and start realising the ambitions we have to ensure Brentwood’s legacy as a place for families to live, work and support their families. I look forward to seeing the partnership delivering on this new initiative.”
In addition the Council is acting as a central purchasing body through which other local contracting authorities in Essex may procure a substantially similar partnership with Morgan Sindall Investments.
The JV will retain and manage certain properties that are developed and there will be opportunities for the Council to acquire properties, including affordable housing.