Lovell Partnerships secures £700 million housing deal
18 January 2022
Lovell Partnerships and Suffolk County Council have agreed a £700 million partnership deal that will see almost 3,000 new homes built on council land via joint venture company.
According to Lovell, the new joint venture will initially undertake five housing projects over the next 15 years.
Located in Lowestoft, Mildenhall, Bramford, West Row and Newmarket, the developments currently include plans for around 2,800 low-carbon homes, as well as new schools, employment land and open spaces.
Lovell, which is part of the Morgan Sindall Group, was chosen as the council’s preferred bidder following an extensive nine-month-long procurement process.
The new joint venture company is expected to be established in the summer of 2022, following the signing of contracts this Spring.
Steve Coleby, Lovell managing director, said, “We are absolutely delighted to have been chosen by Suffolk County Council to be its joint venture partner.
“Partnership working is at the heart of what we do and we share our partner’s ambitions for high quality new homes, climate resilience and maximising opportunities for local communities in the places we will be creating together.”
Lovell’s 15-year deal, which allows for a five-year extension, also includes an option for more housing developments “should additional suitable council-owned land become surplus” in the future.
According to the company, which is participating in a number of joint ventures with councils across the UK, the partnership will work with other companies within the Morgan Sindall Group, as well as local suppliers, to deliver the housing developments at pace.
Councillor Richard Smith, Suffolk County Council Cabinet Member for Economic Development, said, “The council is very pleased to be working in partnership with Lovell to deliver high quality and sustainable homes.
“This will help meet the needs of the people of Suffolk, provide much needed social housing and new community facilities and provide value for tax-payers.
“The partnership will also generate significant funds for the council over the long-term for strategic expenditure and investment.”