£700m housing partnership between Lovell and Suffolk CC
Suffolk County Council has chosen Lovell Partnerships as preferred bidder to create a property development alliance, which will see the construction of 3,000 much-needed homes on council land.
Lovell Partnerships, part of the Morgan Sindall Group, is participating in a number of joint ventures with councils across the UK to support similar housing delivery aspirations. Suffolk CC chose Lovell Partnerships as the preferred bidder following a nine-month procurement process.
The 50:50 partnership is intended to deliver around £700m of gross development value over the course of the proposed 15-year agreement, with the option to extend to a further five.
The partnership will benefit from working with other companies within the Morgan Sindall Group, as well as local suppliers, to enable it to deliver the works at pace.
The homes will be developed to be low carbon in line with the emerging Future Homes Standard and government ambitions for net zero.
Councillor Richard Smith, Suffolk County Council Cabinet Member for Economic Development, said: “The council is very pleased to be working in partnership with Lovell to deliver high quality and sustainable homes.
“This will help meet the needs of the people of Suffolk, provide much needed social housing and new community facilities and provide value for tax-payers.
“The partnership will also generate significant funds for the council over the long-term for strategic expenditure and investment.”
Steve Coleby, Lovell managing director, said, “We are absolutely delighted to have been chosen by Suffolk County Council to be its joint venture partner.
“Partnership working is at the heart of what we do and we share our partner’s ambitions for high quality new homes, climate resilience and maximising opportunities for local communities in the places we will be creating together.”
Simon Medler, regional managing director for Lovell in East Anglia added: “Opportunities of this scale, that can bring so much local opportunity and benefit, are rare and our East Anglia regional team is proud we have been selected.
“We have been based in the region for almost 20 years and have successfully delivered thousands of new homes. We have many staff that live locally and we partner with established local supply chains – all of whom are committed to making this partnership with Suffolk County Council a real success.”
Five initial locations have already been identified in Lowestoft, Mildenhall, Bramford, West Row and Newmarket, with capacity for a total of around 2,800 homes plus new schools, employment land and open spaces.
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