Westminster seeks partner for £350m Ebury Bridge Estate regen
Westminster City Council is on the hunt for a partner to deliver its £350m estate renewal at Ebury Bridge in Pimlico, SW1.
The partner will be responsible for the design and build of the first phase of 200 homes, valued at £97m, with the chance to deliver the entire 750-home £350m scheme over seven years.
The council has launched an OJEU notice, inviting up to five suppliers to tender for the contract.
Westminster City Council is on the hunt for a partner to deliver its £350m estate renewal at Ebury Bridge in Pimlico, SW1.
The partner will be responsible for the design and build of the first phase of 200 homes, valued at £97m, with the chance to deliver the entire 750-home £350m scheme over seven years.
The council has launched an OJEU notice, inviting up to five suppliers to tender for the contract.
The council will self-fund, manage and own the scheme and will back the development with £186.7m, though funding structures may change for future phases.
It has created a new wholly owned development company called Westminster Housing Investing, which will provide a potential route for funding, delivering and owning the intermediate and market rental homes.
Rachael Robathan, Westminster City Council cabinet member for finance, property and regeneration, said: “The renewal of Ebury Bridge Estate is a top priority for the council in our commitment to deliver 1,850 affordable homes over the next three years.
“It’s exciting to now look for a delivery partner that shares our vision for outstanding living spaces, so we can deliver a new estate to give our residents the chance to live and work in the city.”
The council will continue to manage the social homes in place of CityWest Homes, which was returned to council control last year following resident and councillor concerns and an independent review calling for better customer care and maintenance.
Earlier this year the council approved a £743m five-year housing investment, following the removal of the Housing Revenue Account cap. It has projected £136.6m to be spent at Ebury during this period, rising to £186.7m over 30 years.
Westminster said it would deliver the first phase itself “following lessons learned during the Luton Street regeneration”.
It said market conditions had made the former developer model unsustainable and opted to tap the HRA funds, incurring an additional cost of £100m.
Last July, the council approved plans for 750 new homes, half of which will be affordable. The regeneration will more than double the number of homes on the estate.
Westminster has opted to act as developer and has spent the last year reviewing options for delivery.
The application deadline is 12 August 2019.
To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette
