Thurrock terminates £1bn Purfleet regen agreement
Thurrock Council has terminated its development agreement with Purfleet Centre Regeneration for the £1bn Purfleet town centre regeneration.
The PCRL is a joint venture between Sanctuary Housing and Urban Catalyst.
The jv’s plans include the development of 2,850 homes alongside a 1m sq ft media and television complex, medical centre, primary school, retail, leisure and community facilities, which were approved in April 2019.
Thurrock Council has terminated its development agreement with Purfleet Centre Regeneration for the £1bn Purfleet town centre regeneration.
The PCRL is a joint venture between Sanctuary Housing and Urban Catalyst.
The jv’s plans include the development of 2,850 homes alongside a 1m sq ft media and television complex, medical centre, primary school, retail, leisure and community facilities, which were approved in April 2019.
The development agreement was called off because the jv failed to secure funding “on terms that were satisfactory to PCRL shareholders or Thurrock Council”.
In September last year, Homes England also warned that it was set to withdraw £75m funding it had provided the project through its Housing Infrastructure Fund grant owing to PCRL’s funding delays.
Ben Maney, councillor and cabinet member for regeneration and highways at Thurrock Council, said: “Despite efforts by PCRL to secure funding it was clear that this could not be achieved on terms that were satisfactory to PCRL shareholders or Thurrock Council so we have now, with the agreement of the PCRL Board, terminated the development agreement.
“The project has not been abandoned, the council remains committed to delivering high-quality regeneration in Purfleet-on-Thames with the supporting infrastructure, town centre and station improvements, and this decision now allows us to move forward and consider alternative delivery options. We are working closely with Homes England and potential funding partners and intend to bring options before Cabinet soon.”
