The South Cambridgeshire District Council in the UK has appointed Hill Group and Balfour Beatty Investments to work on a £340m project to support the local recovery, through regeneration and development.
The council said that the partners were appointed after an extensive tender process that invited bids from suitably qualified and experienced partners.
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Hill Group and Balfour Beatty Investments were selected based on the resources, skills and competencies to jointly invest in opportunities.
The two partnerships will purchase land for new homes, including council and social rented properties, commercial developments as well as supporting services.
South Cambridgeshire District Council expects to contribute up to £170m between the two partnerships over the next four years.
The South Cambridgeshire Investment Partnership with Hill Group will construct a range of high-quality, sustainable private sale and affordable housing.
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By GlobalDataIt will also work on regeneration schemes to support local communities and economies, as well as investment and income-generating opportunities for the council.
The partnership with Balfour Beatty, known as South Cambridgeshire Projects, will see mixed-use developments be identified within South Cambridgeshire and neighbouring areas.
The Leader of South Cambridgeshire District Council, Cllr Bridget Smith, said: “These exciting and innovative new partnerships will help us to deliver on our pledge to build more housing that is affordable to live in, where people want to live.
“They will also help to grow local businesses and economies by supporting redevelopment and regeneration work at a time when this is clearly a priority.”
Smith added: “The income we raise over the course of several years will help us to maintain frontline services that residents rely on – now so more than ever because of the Coronavirus pandemic.
“This funding will also allow us to continue our work to achieve net-zero carbon for South Cambridgeshire and, crucially, provide even more affordable housing that we know we need. They will see us reap the benefits of joining-up with large companies to open-up opportunities that we wouldn’t have been able to get involved in by ourselves, while sharing the acceptable risk that investments of these types bring.”
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South Cambridgeshire Hall – the home of the District Council. (Credit: South Cambridgeshire District Council)
