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Partner wanted for £800m regeneration JV

A London council is searching for a joint venture partner to enter into an £800m housing-led regeneration scheme.

The London Borough of Havering is looking to enter a 50:50 partnership to deliver about 3,500 new homes across 12 estates.

The contract is estimated to be worth between £650m and £800m with works expected to take place over 10 years.

The local authority approved the regeneration programme in October last year. It is looking to replace 4,000 council homes that have been sold through the Right to Buy scheme.

Housing estates identified as a priority for regeneration in the borough include: Waterloo Gardens; New Plymouth and Napier; Solar; Serena and Sunrise Courts; Queen Street; Hornchurch; Rainham and Gidea Park.

Demolition notices have already been delivered to about 900 homes, with works anticipated to start after late 2018.

A formal contract notice is expected to be issued in May this year and the council is looking to gauge interest in the JV at the Mipim property fair in Cannes.

Another London local authority, Haringey Council, last week confirmed it will enter into a £2bn regeneration JV with Lendlease.

However, the scheme has been met by criticism and Haringey Council last month confirmed it had been sent a letter that mooted the possibility of a judicial review to the development partner decision.

Trade union GMB spoke out against the potential privatisation of public assets under the scheme and Labour MP for Tottenham David Lammy raised concerns about the bidding process and the affordability of new homes.

Haringey Council cabinet member for housing, regeneration and planning Alan Strickland said this week: “A 50:50 partnership approach means we stay in control over how council land is developed while sharing the profits, which can go back into further regeneration, affordable housing and funding the services we provide to residents.”

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