The London Borough of Havering has announced a £1bn contract and major new joint venture (JV) partnership with Wates Residential
The project will see a regeneration of Havering’s existing council accommodation.
Delivering improved provision, the regeneration will increase council rented accommodation by 70% and build 400 low-cost home ownership properties.
The scheme will see the council’s current stock of 856 homes replaced to create 3,112 homes of mixed tenure.
All council funding for the project will come from the council’s Housing Revenue Account (HRA). This is in addition to funding from Wates Residential and the GLA.
GLA will provide Havering with £33m in grant funding to deliver new estates where 40% of the homes will be affordable.
Working with Wates, the council predict the social value benefits from Phase 1 will be worth around £6.8m. Commitments include the creation of a Construction Academy through a partnership with Havering College and the Construction Industry Training Board (CITB) delivering around 165 apprenticeships over the life of the scheme.
The right to return is guaranteed to every existing resident on the estates being regenerated. To ensure there is no loss of existing affordable housing, any housing that requires rebuilding will be done on a ‘like-for-like’ basis.
Councillor Roger Ramsey, leader of Havering Council, said: “I’m confident our new partner will be able to help us deliver our future vision for the borough.
“Forming this joint venture will allow us to provide high-quality new homes for existing residents and young people who want to stay in the borough.
“This, together with the arrival of Crossrail, and plans for two dedicated housing zones, means developers, businesses and residents will all want to be a part of a future Havering.”
Tim Wates, director of Wates, added: “As a family-owned business, we have always been committed to giving something back to the places that we build in. I am proud that we will not only provide crucial additional housing, but also significant benefits to the community through our investment in skills, training, education and jobs for local people.
“The ability to deliver wider community benefits through our long-term partnership is what will set this project apart.”
