Herts creates development joint venture
0Hertfordshire County Council has formed a joint venture with construction firm Morgan Sindall to develop homes. The council will participate in the joint venture through its own standalone property company, which will take a 50% stake in the new vehicle, Chalkdene Developments. The partnership will initially focus on 12 sites owned by the council, with the aim of delivering 500 homes. This could be extended to 40 sites with a development value of £2bn, a statement from the partnership said. Steve Faber, managing director of Herts Living, said creating the partnership would help reduce the housing shortage and provide much needed social housing and community assets. “Doing this will also release significant capital over the long term for strategic expenditure and investment,” he added.
