Myatts Field North redevelopment
We are working with residents on a major redevelopment of Myatts Field North. This will be a large scale redevelopment and there will be new arrangements for management and maintenance of the development. The project was subject to a Value for Money review in the Spring of 2011, following which the Government confirmed that the scheme had been approved to move to the final stage.
We have secured £98 million of private finance initiative (PFI) credits from the government to support the scheme. The successful bidder chosen to carry out this important project is the Regenter Myatts Field North Consortium.
What you can expect
Regenter Myatts Field North Consortium will:
- build 305 new homes to replace properties that are currently in a very bad condition
- modernise and refurbish 172 existing homes
- provide 146 new affordable homes
- build 357 new homes for sale
- create new streets, green spaces and play areas
- provide a new landscaped park with a games area
- build a new community centre
- build a new energy plant to provide more reliable and efficient heating and hot water and substantially reduce the carbon footprint of the homes
- refurbish commercial units and create a new local store
- manage and maintain all the PFI properties and open spaces for 30 years.
Regenter will complete all construction work within five years of the contract start.
Benefits for residents
A safer and nicer environment
Myatts Field North will once again be part of the local street network. Residents will feel safer when walking around and through the area. New or refurbished buildings will replace the existing poorer quality homes.
Training and employment opportunities
The project will offer training and employment opportunities which the partners will begin to advertise and recruit for later in 2010.
Regenter Myatts Field North Consortium aims to fill 50 per cent of jobs on the project with local residents. They will be looking for people to work in construction, housing management, repairs, cleaning and grounds maintenance.
The opportunities include 12 management traineeships, 18 apprenticeships and 16 mentoring placements with one of the consortium partners.
Community development organisation
There will be a new community development organisation led by residents for the benefit of residents. The community development organisation will monitor housing services provided by Regenter and it will drive through plans to improve the environment.
Where we are now
This project is a result of the close working partnership between Lambeth Council, local residents and Regenter, who will remodel the estate and manage it for a 25 year period.
Outline planning permission has been granted for the whole scheme and, subject to necessary approvals, project sign-off is planned for November 2011.
The formal Section 20 consultation with all leaseholders is now complete. The private finance initiative team will now meet with owners of all properties earmarked for demolition to discuss with them the offer of a like-for-like property in the new development.
Further information
If you would like further information please contact Jacqui Henry, PFI Project Support Officer, on 020 7926 8315 at jhenry4@lambeth.gov.uk.
For more information on Regenter Myatts Field North Consortium go to Regenter's website.