Lambeth Social Housing PFI
An estate-wide PFI redevelopment strategy comprising demolition, refurbishment and provision of new build social rented freehold and leasehold properties. The scheme also includes public realm improvements and a new build community center.
LOCATION : London and South East England
SERVICE : Transaction Management Consultancy
VALUE : USD 127,300,200 +
CLIENT : Regenter Limited
TYPE : Residential
The project was awarded by the London Borough of Lambeth (The Authority). The ‘PFI element’ of the project involved the refurbishment, new build and re-provision of both social and private dwellings across a 30 year concession period.
The re-provision of private dwellings relates to private dwellings demolished as part of the scheme. These dwellings will be purchased under a compulsory purchase order (CPO) on behalf of the Authority and the Authority will seek bidders to fund the CPOs through the sales revenue of private and shared ownership dwellings. Part of Regenter’s strategy is to offer better alternative accommodation within the new development to those private owners that are subject to CPOs. Provision of Housing Management and FM Services will be provided for a 30 year contract term to the Authority once operational, along with the Lifecycle services.
Kingston’s report provides an assessment of the technical risks associated with the PFI Scheme.