Morgan Sindall’s investment arm has been chosen as Brentwood borough 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 east London borough, 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 Investments will provide funding to help the council speed up the delivery of new homes and a range of other improvement schemes.