Monday, 20 October 2014

Council takes another step towards regenerating The Meadows Gateway

£200m Nottingham PFI opens for bids

Nottingham City Council has become the first local authority to unveil its plans in the latest round of the £1.7 billion social housing private finance initiative.

On Wednesday the local authority presented its plans for the £200 million regeneration of The Meadows Gateway in the centre of the city to a number of interested parties, including developers, housing associations and funding organisations.

The scheme includes an undisclosed share of a £1.7 billion housing revenue account PFI from the HCA, which was awarded last August.

Nottingham City Council will now press on with the next phase of its plans to develop proposals that will allow it, in partnership with private sector contractors, to deliver new or improved council homes as well as new affordable rented homes.

The government scheme was announced by housing minister John Healey last July, with Nottingham City Council eventually selected as one of 10 local authorities to share the HCA’s £1.7 billion round six pot. In total, round six will help deliver 4,500 new or improved council homes as well as 1,600 new affordable rented homes.

The local authority is now inviting feedback from interested partners which it will incorporate into an outline business plan and present to the Treasury for approval in November.

Gill Callingham, regeneration co-ordination manager at Nottingham Council, said: ‘The meetings will help shape our plans for the structure of the scheme, such as the duration of the programme and the amount of private funding needed for the initiative.’

The money will be invested in the transformation of The Meadows area as set out by The Meadows Neighbourhood Plan which has been developed in consultation with local residents and key stakeholders in the area.

The local authority hopes the money will help resolve the key issues highlighted by community members and incorporated into its Neighbourhood Plan, such as tackling poor housing, crime and unemployment.

HCA’s £1.7 billion round six

PFI winners

Nottingham Meadows Housing

Birmingham Erdington Housing

Cornwall Affordable Housing for Cornwall

Hull The Transformation of Orchard Park

Leeds Lifetime Neighbourhoods for Leeds

Southwark Aylesbury Estate Regeneration

Northhampton Northhampton East Regeneration Scheme

Portsmouth Somerstown and North Southsea

Shropshire Extra Care Housing

Stoke Surburban Estates Investment Programme

Readers' comments (1)

  • Some local authorities are spending scarce public finance to ensure that their housing stock meets the decent home standard. So a short while after these improvements are completed some of these properties are going to be "improved" again or demolished but this time using Public finance initiative.

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