Espirito Santo Investment Bank
Borden Ladner Gervais LLP
Credit Agricole Corporate & Investment Bank
Currie and Brown
Bank Gospodarstwa Krajowego (BGK)
Infrastructure Capital Group
Government Gives Green Light To £150m Housing Estate Transformation
21 February 2012
An outdated Lambeth Council estate will be transformed into state-of-the-art social housing after £150m in Government funding was approved this week.
The major regeneration of the Myatts Field North Council Estate will begin this Spring and will remodel the estate to make it a more open, welcoming, and greener environment.
The 25-year Lambeth Myatts Field North Housing PFI project will be built by the Regenter Myatts Field North consortium, comprising Regenter, Higgins Construction, Rydon Maintenance, Pinnacle PSG and E.ON, and will include:
- Construction of 305 new homes for residents in blocks to be demolished
- Modernisation and refurbishing of 172 existing homes
- Development of a large, landscaped park, and purpose built community facilities
- Construction of a new community centre with sports facilities
- Construction of 146 affordable homes
- Construction of 357 new homes for sale with ten per cent accommodating full wheelchair access
- Development of new streets and green spaces
- Refurbishment of commercial units
Sustainability is at the heart of the redevelopment proposals with a reduction in 80 per cent of carbon emissions. A combined heat and power plant installed on the estate will provide heating and hot water to the entire development. The master plan returns to the estate a traditional street pattern, which opens the area to surrounding neighbourhoods.
Lambeth Council Cabinet Member for Housing, Cllr Lib Peck, said: “This regeneration project heralds a fantastic new era for people living on the estate. When this project is complete our residents will benefit from better quality homes and their quality of life will have improved by an environment that is totally transformed.
She added: “One of the key priorities for Lambeth Council is to ensure that residents benefit from a safe, secure and decent home and local environment. Not only will residents benefit from new or refurbished homes, they will also be able to enjoy new community facilities that will help to strengthen the already thriving community spirit that exists.”
Jim Saunders, Managing Director of Regenter, said: “We are delighted to hear that the Lambeth Myatts Field North PFI Project has been approved by Government. This is a critically important scheme for the Council and local residents which will provide new and improved housing, open spaces and community facilities. We look forward to the prospect of working in partnership with the London Borough of Lambeth, our consortium partners and the local community to deliver this exciting regeneration programme”.
Jeff Henton, Managing Director of Rydon Maintenance, commented: “As the consortium partner responsible for the refurbishment element of the project and the long term facilities management of the estate we look forward to working very closely with the local residents. This is another really exciting opportunity to strengthen the excellent relationship we already have with the community in the Borough of Lambeth.”
Neil Euesden, Managing Director of Pinnacle PSG, the consortium’s housing management provider, said: “This is an exciting community based regeneration scheme for the residents of the Myatts Field North Estate. Pinnacle PSG is very pleased to be part of this successful partnership delivering transformational and sustained change to the community. We look forward to continuing and developing our relationship with local residents and the Council.”
Jeremy Bungey, Head of Community Energy at E.ON, said: “We are making real progress in local communities, helping residents to lower their energy costs and working in partnership with developers and local authorities to enable access to more sustainable, locally produced energy. Our high-efficiency heating scheme here in Lambeth will go towards helping the UK achieve a low carbon future.”
The IPFA would like to thank Jessica Wood, John Laing, for her kind permission to use this article. For further information, please visit http://www.regenter.com/
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