Development of residential real estate

Description

The Council was seeking to appoint a partner to form a long term corporate joint venture property vehicle (on a 50:50 ownership basis) to secure investment and expertise to deliver Havering's housing led regeneration strategy. The initial programme is anticipated to involve 12 sites across the borough delivering in the region of 3 000 new homes. The scheme will involve opportunities for development sales in partnership with the Council. The housing led development of sites may also involve a degree of mixed-use development including, but not limited to office, commercial, leisure, retail, community and public realm space being delivered ancillary to the residential focus and as part of the overall complex. The JV duration will be for an initial period of 15 years, with extension periods of 5 years, up to a maximum duration of 30 years. The opportunity is a major regeneration and development project to deliver new housing in the London Borough of Havering. The opportunity will focus on Council owned sites throughout the borough (including but not limited to the initial 12 sites) and potentially other sites acquired by the Council (including through the JV) during the joint venture period. The JV will focus on delivering housing within the borough for the commercial private sale sector, shared ownership and affordable housing.