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Swan Housing has been selected as the preferred partner to deliver a 1,600-home development in Southend-on-Sea.
Southend-on-Sea Borough Council picked Swan for the Better Queensway scheme in central Southend, which will include over 500 affordable homes.
Swan beat several other companies to the deal, and will now set up its own limited liability partnership with the council to deliver the homes.
The deal now needs to be approved by Swan’s board and the council’s cabinet on 21 February, with the official awarding of the contract expected in the spring.
The joint venture will then be formally formed, with a masterplan being created before the scheme goes for full planning approval in 2020.
John Synnuck, chief executive of Swan, said: “Together with our joint venture partner, Southend-on-Sea Borough Council, we will work with you [the council] to transform Queensway from an isolated and ageing estate into a thriving community right in the centre of Southend.”
James Courtenay, cabinet member for growth at Southend Council, said: “Alongside meeting all the key requirements for the project, they also offer far much more than that, including access to their other properties from across Essex and London.
“This is really just the beginning and there is much more work to be done. We are now collectively focused on the next stages, including contract award and then working with all range of stakeholders, including residents and businesses to prepare a masterplan for submission for planning approval.”