Morgan Sindall Investments has signed contracts for a property development partnership with Seven Arches Investments, the property company of Brentwood Borough Council.
The 50-50 joint venture, to be known as Brentwood Development Partnership, will develop new homes, commercial and leisure facilities on council-owned land.
The partnership’s concession period is 30years and the potential contract value is put at ‘up to £1bn’.
Morgan Sindall Investements also has local authority partnerships in Bournemouth, Hertfordshire and in Slough, where funds raised from land receipts and development profits have helped minimise council dpending cuts.
Wes Erlam, managing director of Morgan Sindall Investments, said: “Morgan Sindall Investments is delighted to have achieved this milestone with Brentwood Borough Council. We look forward to working together to optimise opportunities from a portfolio of developments and responding to the changing needs of Brentwood’s community over time”.
The JV will retain and manage certain properties that are developed and there will be opportunities for the council to acquire properties, including affordable housing.
In addition, Brentwood Borough Council is acting as a central purchasing body through which other local contracting authorities in Essex may procure a substantially similar partnership with Morgan Sindall Investments.