Brentwood Borough Council has approved the formation of a £1bn joint venture with Morgan Sindall Investments. The joint venture will bring forward new homes, public open spaces and commercial and leisure facilities in the borough.
The 50:50 partnership, which will be known as the Brentwood Development Partnership, was approved at a full meeting of the Council on 30 July. It will deliver a programme of developments over a 30-year period, combining Morgan Sindall Investments’ development expertise and private capital with a portfolio of the Council’s surplus land. The Council will contract through its wholly owned property company, Seven Arches Investments Ltd.
The JV will initially focus on three sites located at William Hunter Way Car Park, Westbury Road Car Park and the Maple Close garages site. These will provide new homes together with new leisure and community facilities, boosting sustainable housing supply across the borough to meet the needs of its growing population.
Morgan Sindall Investments was announced as the Council’s preferred partner in March, following a rigorous and competitive procurement process. This is the fourth long-term local authority joint venture that the company has entered into, having already established successful partnerships in Bournemouth, Slough and Hertfordshire over the last 8 years.
Through the new JV, Brentwood Borough Council is also able to act as a central purchasing body through which other local contracting authorities in Essex can procure a similar partnership with Morgan Sindall Investments.
Wes Erlam, managing director of Morgan Sindall Investments, said: “Our new joint venture with Brentwood Borough Council will draw on our strong track record of partnering with local authorities. Over the last few years we have achieved great success in delivering regeneration in Bournemouth and Slough, while our JV with Hertfordshire County Council formed last is already making a positive local impact.
“Our model transforms communities and generates funds from land receipts and development profits, helping local authorities to protect frontline services. We are looking forward to working with the Council to fulfil its ambitious vision for the borough and delivering high-quality and sustainable development at pace and scale.”
Brentwood Borough Council Leader, Councillor Chris Hossack, said: “We are delighted to have officially confirmed our new joint venture partnership with Morgan Sindall Investments, which represents a significant milestone for Brentwood.
“This approach to delivering new investment will allow us to retain control over how our land is developed, as well as the rate and extent of that development. It is a real opportunity to allow the community to thrive and grow, and by redeveloping the borough over the longer-term we will be helping to improve the lives of people living and working here.”