The £450m joint venture between John Laing and Croydon Council plans to regenerate significant sites across Croydon town centre and deliver new public service delivery hub.
The first deal of its kind, this is a new model of public private partnership, utilising an asset backed Urban Regeneration Vehicle (URV) into which Croydon Council will invest land and John Laing equity. Through this limited liability partnership, the council will receive a 50/50 share in profits and will maintain ongoing control of its extensive regeneration agenda by retaining an interest as a partner-landowner as well as through utilising its planning powers.
The 25 year URV partnership will provide a brand new 240,000 sq ft public service delivery hub for the council as well as almost 20,000 sq ft of retail space.
The initial development brief also planned to deliver the phased regeneration of four important town centre sites with the creation of two 40 storey towers with approximately 650 residential units; a combination of both private and affordable accommodation. In this proposal the four sites will create approximately 1,250 new residential units, to be delivered between 2012 and 2017.
Construction has now begun on the Public Service Delivery Hub, which is phase one of the Croydon Council Urban Regeneration Vehicle (CCURV). Working closely with construction partners Sir Robert McAlpine, CCURV is developing the Public Service Delivery Hub for the council and associated one-stop-shop providing services to the people of Croydon.
