Market Leads & Opportunities
Havering selects Wates for £1bn scheme
Havering LBC has announced construction firm Wates as its joint venture partner in a regeneration project being touted as London’s ‘biggest social housing regeneration’ scheme (March 13th).Under the contract, 12 council estates will be regenerated to provide 3,000 new homes in Havering over the next 12 years.The £1bn project will lead to the amount of affordable housing doubling across all 12 estates, a 70% increase in rented accommodation and 400 low-cost homes for sale.Funding for the scheme will come from the council’s Housing Revenue Account and the Greater London Authority (GLA).Havering said the project will deliver £6.8m in social value benefits to the borough and that the scheme was only going ahead after ‘extensive consultation’ exercises with residents.
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