Laing

The London Borough of Lambeth has today announced the Regenter Myatts Field North Consortium, comprising Regenter, Higgins Construction, Equipe Regeneration, Pinnacle PSG and Scottish and Southern Energy, as preferred bidder for the Lambeth Myatts Field North Housing PFI project. The total value of the project is £150 million.

The consortium’s advisers are PWC on financing and Nabarro on legal matters. The Authority’s advisory team includes Deloitte (financial), Eversheds (legal) and Gleeds (technical).

The project involves a full masterplanning solution to regenerate the Myatts Field North housing estate in Lambeth, London, comprising the demolition and re-provision of 305 council properties, the refurbishment of 172 council properties, a new community centre and sports facilities, new and enhanced public open spaces, refurbishment of eight small retail units, and construction of a new retail unit. In addition, the project will provide 503 new homes split between 357 open market sale properties, 41 intermediate affordable properties and 105 social rented properties.

The project includes full management and maintenance of the PFI properties and new open spaces over a 30 year concession period. The 146 new affordable units will be pre-purchased by Regenter’s RSL partner, Notting Hill Housing Association.

All homes will be built to Lifetime Home standards and Code for Sustainable Homes Level 3. Construction will be completed within 5 years for all PFI elements and an anticipated period of 6.5 years for the remaining development works.

In order to achieve the regeneration objectives set out for Myatts Field North, Regenter’s proposals have an integrated design, construction and management solution across all tenures, with a strong emphasis on neighbourhood management and supporting the community through training and employment

Financial close is scheduled for mid 2010.

Jim Saunders, Managing Director of Regenter said: “We are delighted to be appointed Preferred Bidder and look forward to playing our part in the transformation of Myatts Field North. Working in close partnership with the Council, residents and local organisations we are confident we can successfully regenerate the estate to deliver lasting improvements to the community.

Benny King, MD at Higgins Construction said: “This is a tremendous opportunity to deliver the comprehensive regeneration of Myatts Field North. We are delighted to be a member of the Regenter Consortium and look forward to working with our partners and the local community to ensure success.”

Neil Euesden MD at Pinnacle PSG said: “This is an exciting project which will deliver regeneration and opportunity for the local community in Myatt's Field North. Pinnacle PSG is pleased to be part of the successful partnership and looks forward to working with the Council and residents and becoming part of the local community.”

Councillor Lib Peck, Lambeth Cabinet Member for Housing and Regeneration said; “I am delighted that this has been agreed - it is an exciting scheme that will help us to transform a very deprived area which suffers from poor quality housing and a lack of community facilities into one we hope that the residents and council can be proud of. This project establishes a long-term partnership that will develop social and private housing, as well as transforming the local community.”