Croydon Borough Council announced that they have sealed the deal on a £450m urban regeneration project with John Laing involving new accomodation and a new build office space for the council head quarters.
The deal is a limited liability partnership in which the council will not only receive a state of the art office space in which to locate their headquarters, but will remain in control of the ongoing regeneration plans for Croydon.
The Borough Council and John Laing will share profits in the four-site development 50-50. Over a thousand new homes will be created between 2012 and 2017, as well as a 240,000 square foot office space for the council on Fell Road.
A spokesman for the council said “as part of Croydon Council’s regeneration aspirations, the urban regeneration vehicle (URV) will deliver sustainable facilities to benefit the entire community supporting its ambitions to become London’s third city; the hub of living, retail, culture and business in south London and south east England”.
This kind of public and private, residential and office space deal is quite an achievement in the current climate of economic uncertainty. Several other regeneration schemes are failing to maintian finance.
Jamie Kerr, manageing director at John Laing said “Today, more than ever, the public sector is looking for innovation from commercial partners to help maximise returns from their assets Croydon Council is leading the way and we are delighted to be working with them in developing this unique model that will deliver new infrastructure and significant regeneration to the local communities it serves.”
Tags: John Laing