Lambeth Social Housing PFI
The Lambeth Social Housing PFI is an estate-wide PFI redevelopment strategy comprising of the demolition, refurbishment and the provision of new build social rented freehold and leasehold properties.
LOCATION : London and South East England
SERVICE : Transaction Management Consultancy
VALUE : USD 127,300,200 +
CLIENT : Regenter Limited
TYPE : Residential
The London Borough of Lambeth (The Authority) awarded the Lambeth Social Housing PFI project in 2009. The ‘PFI element’ of the Project involved the refurbishment of the existing building, a new built unit and the re-provision of both social and private dwellings throughout a 30-year concession period.
The re-provision of the private dwellings consisted of the demolition of the buildings and these particular dwellings were purchased under a compulsory purchase order (C.P.O.) on behalf of The Authority. The Authority then called out bidders to fund the C.P.O.s through the sales revenue of private and shared ownership dwellings.
Regent’s strategy was to offer a better alternative accommodation within the new development to those private owners subject to the C.P.O.s. Provision of Housing Management and F.M. Services provided for a 30-year contract term based to the Authority once operational, along with the complete lifecycle services of the dwellings.
Kingston’s involvement in the project was to report and assess the technical risks associated with the applied PFI Scheme.