Kier was chosen for a £400m property management deal in December 2014 (as previously reported). Yesterday it formally signed the contract to launch the joint venture.
The initial 10-year Penda Property Partnership is expected to ‘unlock value’ by redeveloping empty and under-used council and police buildings. Staffordshire County Council owns approximately 400 buildings and offices.
“This new partnership will help us tap into the value of poorly used public buildings and raise funding to support key priorities,” said Ian Parry, Staffordshire County Council’s cabinet member for strategy, finance and corporate issues. “Instead of being mothballed or run half empty the new, fresh approach will see buildings revitalised and marketed to offer new jobs, homes and developments and allow the county council to fund what is important to Staffordshire residents.”
Kier executive director for development, property and business services, Nigel Turner, said: “This unique partnership takes a fresh approach to achieve the best value and use of property assets of the council and police and allows Kier to demonstrate its breadth of capabilities across our divisions. Not only will we be able to work as a combined team delivering new projects alongside greater operational efficiencies and value for money for our partners, we will also be able to engage with other organisations across the region on key projects and initiatives.”