Wates secure £1Bn JV social housing regeneration

Wates Residential has secured the position of Joint Venture Partner with the London Borough of Havering in what will be London’s biggest social housing regeneration project.

The £1Bn contract and major new joint venture (JV) partnership will see 12 Council estates regenerated over the next 12 years, providing around 3,000 homes in Havering, London.

By overhauling Havering’s existing Council accommodation, the regeneration will deliver improved provision, increase council rented accommodation by 70% and help to build 400 low-cost home ownership properties.

The project seeks to deliver much needed ‘truly’ affordable homes in the borough and will double the amount of affordable housing on the 12 estates. By transforming the current stock of 856 homes into 3,112 homes of mixed tenure, the regeneration will encourage more integrated communities. The initiative is unique, as all Council funding for the project will come from the Council’s Housing Revenue Account (HRA), plus funding from Wates and the GLA. Havering will receive £33M grant monies from the GLA, to deliver new estates where 40% of the homes will be affordable.

The scheme hopes to deliver a lasting legacy for the community by investing in skills, training and education, such as the development of a Construction Academy which will support 165 apprentices throughout the term of the project. Working with Wates, the Council predict the social value benefits from Phase 1 will be worth around £6.8M.

Councillor Roger Ramsey, Leader of Havering Council, said: “This is the most exciting and ambitious Council home building programme in London, and 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, said:  “Wates Residential is delighted to have been chosen as the London Borough of Havering’s partner on this extremely exciting project, and we look forward to working with the Council as we build more than 3,000 high-quality homes over the next 12 years.

“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.”

 

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