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Housing association seeks JV partner for 2,500-home regeneration project
Metropolitan Thames Valley (MTVH) is looking for a joint venture partner to deliver a 2,500-home regeneration project in south London.
The housing association has published a procurement notice to redevelop the Clapham Park Estate in Lambeth, after finalising the Section 106 agreement for the project with Lambeth Council late last year.
According to the agreement, 892 (35%) of the 2,535 new homes to be delivered will be for affordable rent tenures, including social rent, while 383 (15%) will be for shared ownership.
MTVH will also deliver community, retail and work spaces, a new park, game areas, running routes, allotments, highways and transport upgrades, and a district heating network.
Clapham Park Estate was first transferred to MTVH from Lambeth Council in 2006, following a residents’ ballot. More than 1,500 homes have been built and refurbished to date by the landlord.
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In 2012, Inside Housing revealed that the social housing regulator was monitoring MTVH partly due to concerns around the risks being taken on at Clapham Park. At the time, 1,470 of the 2,480 new homes to be delivered were for market sale.
Once completed, the regeneration project will more than double the total number of homes on the estate to over 4,000, of which 53% will be affordable.
The first building work on the next phase of the regeneration will begin in March, and will include 50 new homes for social rent for existing Clapham Park tenants.
A representative for MTVH said: “The procurement notice that has been published is a notification of our intention to commence a formal procurement event in the coming months to source a suitable partner to support the delivery of a significant proportion of the project.
“The opportunity to work with a partner who has a strong track record of delivering community-focused regeneration, placemaking, sustainability and the highest-quality safety standards is absolutely key for MTVH as we progress with this important next stage: delivering on the commitments made to residents under the stock transfer in 2006.”
