Slough Borough Council in the UK has appointed Morgan Sindall Investments as its preferred partner for a £1bn regeneration project.
Morgan Sindall Investments, a unit of Morgan Sindall Group, will be a partner of the Local Asset Backed Vehicle (LABV) joint venture (JV) backed by Slough council to provide project funding and investment expertise for the regeneration project.
In the LABV JV, the council and Morgan Sindall Investments will hold equal stake and responsibility for developments over a period of 15 years, including a new library, leisure facilities, schools and homes.
The first phase of development will feature The Curve, a 4,480m² new library and community facility to be constructed by its construction and infrastructure division.
Scheduled to be complete in 2015, The Curve will also feature a cafe, a cultural centre, solar panels on the roof, gas boilers and a link to the bus station.
The JV will obtain works from two other companies within the Morgan Sindall Group, which include Lovell Partnerships and its construction and infrastructure division.
Other community developments will include a new Castleview secondary school and a new leisure centre with ice rink.
The first tranche of residential developments worth £105m will be carried out by Lovell Partnerships and will feature 525 new homes, ranging from two to four bedrooms, on five sites.
The design and build contract value of the initial tranche of community developments is £54m.
Morgan Sindall Group chief executive Paul Smith said, "The LABV approach provides flexibility, ensuring that the council can respond to the community’s changing needs over time."
Slough Borough Council deputy leader and commissioner for neighbourhoods and renewal councillor James Swindlehurst said, "This new regeneration partnership brings new investment into the town so we can step up the development of Slough and surrounding areas, providing an important boost to jobs and local businesses."
Image: The first phase of development will feature a new 4,480m² library and community facility. Photo: Morgan Sindall.