Brentwood council agrees £1bn development JV with Morgan Sindall

Morgan Sindall’s investment arm has been chosen as Brentwood borough council’s preferred partner to fund the borough’s plans to build new homes and other schemes for the next 30 years.

The joint venture, worth a potential £1bn, has still to be approved by the council, but Morgan Sindall Investments said its appointment followed “an extensive and competitive procurement process in which it saw off 15 rival firms”.

Once approval is given – a decision is expected in a matter of months – Morgan Sindall Investments will provide funding to help Brentwood speed up the delivery of new homes and a range of other improvement projects.

The JV is the fourth Morgan Sindall Investments has been involved in. It is currently working with Bournemouth, Hertfordshire and Slough.

Brentwood borough council leader Louise McKinlay said: “This is the largest and most significant project Brentwood borough council has ever undertaken and will produce the most comprehensive opportunity for redevelopment in our borough.

“The partnership will allow us to make use of council land to build the vital homes and facilities our community needs. At a time of […] squeezed local government funding, the profits raised will help to protect against making cuts to frontline services.

“Our residents will, over the coming months and years, be able to see a real change that will build on our heritage and create a town of the future for generations to come.”

Brentwood council is acting as a central purchasing body through which other local contracting authorities in Essex may procure a similar partnership with Morgan Sindall Investments.

Once it is approved Morgan Sindall said the JV would retain and manage certain developed properties, “and there will be opportunities for the council to acquire properties, including affordable housing”.