Morgan Sindall’s partnership housing arm to enter £700m JV
Lovell Partnerships and Suffolk county council have agreed a joint venture deal to build 2,800 homes over 15 years.
The partnership, which will see profits split equally between the two parties, will build housing-led developments on council land.
Five initial locations for development have been identified in Lowestoft, Mildenhall, Bramford, West Row and Newmarket, with capacity for a total of around 2,800 homes plus new schools, employment land and open spaces.
The proposals include an option for further sites to be delivered by the joint venture should more suitable council-owned land become available for housing The deal includes an option to extend the agreement for a further five years.
Richard Smith, cabinet member for economic development at Suffolk County Council, said: “The council is very pleased to be working in partnership with Lovell to deliver high quality and sustainable homes.
“This will help meet the needs of the people of Suffolk, provide much needed social housing and new community facilities and provide value for tax-payers.The partnership will also generate significant funds for the council over the long-term for strategic expenditure and investment.”
Lovell was chosen as the council’s joint venture partner following a nine-month procurement process. The joint venture will formally established in the summer once contracts are signed.
The joint venture is the latest Lovell has agreed with a council or housing association. Last year it entered a joint venture with Together Housing Group to deliver 650 units in Pendleton and a £120m agreement with housing association Abri to build 500 homes in Weymouth
It signed a contract with Norfolk County Council-owned Repton to build 400 plus homes in Norfolk and also won a contract to build an £85m, 528-unit scheme to build one of Wales largest regeneration schemes on the former Whiteheads steelworks in Newport.