Slough Borough Council has selected Morgan Sindall’s investment arm for a local asset backed vehicle (LABV) joint venture.
The LABV will deliver a series of developments up to a total value of £1bn over a period of 15 years. The LABV will procure works from two other companies within the Morgan Sindall Group, namely Lovell Partnerships and Morgan Sindall.
Morgan Sindall Group chief executive Paul Smith said: “Morgan Sindall Investments Limited is delighted to have this opportunity to partner with the council to fulfil their vision for the regeneration of Slough. The LABV approach provides flexibility, ensuring that the council can respond to the community’s changing needs over time. We understand how important this project is for the community and look forward to delivering high quality developments through our group companies, Lovell Partnerships Ltd and Morgan Sindall plc, as well as providing local employment opportunities, over the lifetime of the joint venture.”
The first phase of development includes a 4,480 sq m new build library and community facility – called The Curve – to be built by Morgan Sindall. Other community developments will include a new build Castleview secondary school and a new build leisure centre with ice rink.
‘Meet the buyer’ events will be held for local SMEs to find out how they can secure a place on the supply chain for this project.
The first tranche of residential developments by Lovell Partnerships will provide 525 new homes, ranging from two to four bedrooms, across five sites with a gross development value of £105m.
The design and build contract value of the initial tranche of community developments is £54m.