Hertfordshire County Council pens joint venture agreement to build 500 new homes

Hertfordshire County Council pens joint venture agreement to build 500 new homes

The county of Hertfordshire recently had some great news, as the county council revealed that they had signed a joint venture agreement with developers Morgan Sindall Investments, which will see an estimated 500 new properties.

The new company birthed as a result of this will be known as Chalkdene Developments, and will be a 50/50 partnership between Morgan Sindall Investments’ subsidiary – Community Solutions for Regeneration (Hertfordshire) Limited – and the council’s property company, Herts Living Ltd.

Morgan Sindall Investments is a part of the Morgan Sindall Group, which is a construction and regeneration company.

The partnership will predominantly focus on 12 locations within Herfordshire while having the capacity to deliver over 500 properties, and is contracted to be in effect for 15 years.

In addition, the partnership has the potential to deliver a number of schemes that fall under the Government’s One Public Estate initiative, which is a national development programme that is delivered by a partnership of the cabinet office Government Property Unit (GPU) and the Local Government Association (LGA).

It is also very feasible that the partnership could work on behalf of other public sector authorities in addition to Hertfordshire County Council.

Speaking about the partnership, John Morgan – the chief executive of Morgan Sindall Group – was delighted about the deal that was struck, and believes that the potential within the partnership can grow to a large level, while also emphasising his excitement to see what comes next.

“This win demonstrates the potential for our Investments division to become a meaningful contributor to Group profits,”Morgan said.

“It also reflects our ability to leverage our diversified portfolio of businesses to offer our partners and customers a comprehensive solution spanning strategic partnerships and project delivery.

“We understand how important the development of new housing is for Hertfordshire and are excited to have the opportunity to work with Herts Living in achieving the council’s vision.”

Adding further comment, Steve Faber, managing director of Herts Living, expressed his joy at working with Morgan Sindall Investments, and is very optimistic for the future.

“We are delighted to be working with Morgan Sindall Investments to deliver new, high quality, sustainable houses that will help the county to meet the needs of its growing population, reduce the housing shortage and provide much needed social housing and community assets,” Faber said.

“Doing this will also release significant capital over the long term for strategic expenditure and investment.”

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