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Haringey Council in north London has said it will announce in February who will partner the council in delivering one of the country’s largest housing regeneration programmes.
Under the Haringey Development Vehicle, the council will deliver 5,000 new homes within 20 years – there will be a new town centre at Wood Green, creating thousands of jobs.
Development will be on council-owned land, but the council says that without private investment and expertise it could never deliver the new homes and new jobs.
The Haringey Development Vehicle signals a change in approach, as formerly the council would have sold off land and thereby lost control of development.
The new approach will see the council taking a 50% share of the Haringey Development Vehicle, with a private partner taking the other 50% share.
The council said it had chosen this approach to manage risk by sharing it with a partner, while ensuring that profits from development would not all go into a private partner’s pocket.
The council’s share of the profits will go back into public services in Haringey.
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