The Regenter Myatts Field North Consortium, comprising Regenter, Higgins Construction, Equipe Regeneration, Pinnacle PSG and Scottish and Southern Energy, has been confirmed 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.