News

Press Release - 16 December 2009

Regenter Consortium announced preferred bidder for Lambeth Myatts Field North Housing PFI Project

The London Borough of Lambeth has today announced the Regenter Myatts Field North Consortium, comprising Regenter, Higgins Construction, Equipe Regeneration, Pinnacle PSG and Scottish and Southern Energy, as preferred bidder for the Lambeth Myatts Field North Housing PFI project. The total value of the project is £150 million.

The consortium’s advisers are PWC on financing and Nabarro on legal matters. The Authority’s advisory team includes Deloitte (financial), Eversheds (legal) and Gleeds (technical).

The project involves a full masterplanning solution to regenerate the Myatts Field North housing estate in Lambeth, London, comprising the demolition and re-provision of 305 council properties, the refurbishment of 172 council properties, a new community centre and sports facilities, new and enhanced public open spaces, refurbishment of eight small retail units, and construction of a new retail unit. In addition, the project will provide 503 new homes split between 357 open market sale properties, 41 intermediate affordable properties and 105 social rented properties.

The project includes full management and maintenance of the PFI properties and new open spaces over a 30 year concession period. The 146 new affordable units will be pre-purchased by Regenter’s RSL partner, Notting Hill Housing Association.

All homes will be built to Lifetime Home standards and Code for Sustainable Homes Level 3. Construction will be completed within 5 years for all PFI elements and an anticipated period of 6.5 years for the remaining development works.

In order to achieve the regeneration objectives set out for Myatts Field North, Regenter’s proposals have an integrated design, construction and management solution across all tenures, with a strong emphasis on neighbourhood management and supporting the community through training and employment

Financial close is scheduled for mid 2010.

Jim Saunders, Managing Director of Regenter said: “We are delighted to be appointed Preferred Bidder and look forward to playing our part in the transformation of Myatts Field North. Working in close partnership with the Council, residents and local organisations we are confident we can successfully regenerate the estate to deliver lasting improvements to the community.

Benny King, MD at Higgins Construction said: “This is a tremendous opportunity to deliver the comprehensive regeneration of Myatts Field North. We are delighted to be a member of the Regenter Consortium and look forward to working with our partners and the local community to ensure success.”

Neil Euesden MD at Pinnacle PSG said: “This is an exciting project which will deliver regeneration and opportunity for the local community in Myatt's Field North. Pinnacle PSG is pleased to be part of the successful partnership and looks forward to working with the Council and residents and becoming part of the local community.”

Councillor Lib Peck, Lambeth Cabinet Member for Housing and Regeneration said; “I am delighted that this has been agreed - it is an exciting scheme that will help us to transform a very deprived area which suffers from poor quality housing and a lack of community facilities into one we hope that the residents and council can be proud of. This project establishes a long-term partnership that will develop social and private housing, as well as transforming the local community.”

About Regenter

Regenter is a leading investor, operator and developer of housing led, community based regeneration schemes. Regenter specialises in working closely with local authority clients and developing the best solution to suit each different community’s needs, ensuring that projects are sustainable, affordable and deliverable.

Regenter is a joint venture between John Laing and Pinnacle Regeneration Group. This is Regenter’s fifth PFI project, and firmly establishing them as a market leader in the Housing PFI sector.

www.regenter.com

About Pinnacle psg

Pinnacle is a private sector provider of housing, neighbourhood, facilities and interim management and consulting services to the public sector. Pinnacle has two sister companies operating within the public sector all under the controlling ownership of Pinnacle Regeneration Group, including: Regenter, an investor in housing and community-based PFI projects in conjunction with John Laing; and Pinnacle People, a provider of employment and training solutions to tackle worklessness.

About Higgins Construction

Higgins Construction PLC is a community contractor working in a key market spectrum of housing, education and community buildings. Market leaders in Estate Regeneration the company has twice been awarded the national Regeneration Contractor of the Year award.

About Equipe

Equipe Regeneration Limited (ERL) is jointly owned (50%) by Pinnacle PSG Limited and John Laing Integrated Services Limited. The joint venture was formed as a sub-contractor within the Regenter–led consortium bidding for social housing projects. ERL currently provides refurbishment, responsive repair and cyclical maintenance and lifecycle maintenance services for social housing PFI projects in South and East London. ERL manages two projects located in Canning Town, London Borough of Newham and Brockley located in the London Borough of Lewisham. ERL’s excellent work, in conjunction with its project partners has been recognised by winning two industry awards.

About SSE

Scottish and Southern Energy (SSE) is one of the UK’s leading energy companies. It is involved in the generation, transmission, distribution and supply of electricity; energy trading; the development of major renewable energy projects; the storage, distribution and supply of gas; electrical and utility contracting; and telecoms.

For further information please contact:
Jo Young, Group Communications Manager
Tel: +44 (0) 20 7901 3639