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The London Borough of Newham seeks a regeneration partner to enter into a joint venture for a major mixed-used development.

Newham has launched a tender process to deliver the comprehensive redevelopment of Carpenters Estate in Stratford through a residential led mixed-used development and to also hold and manage a portion of developed assets for income streams.

This involves an opportunity to develop 23 acres of land with scope to provide in the region of 3,000 new homes as well as a new education quarter and mix of commercial uses. The site is situated in the centre of Stratford and is adjacent to Stratford Station, Westfield Shopping Centre and the Queen Elizabeth Olympic Park within the London Borough of Newham.

Total project cost amounts to £1.5 billion (US$1,927 million).

The role involves securing funding and detailed planning consents, constructing, selling and post-sale management and also long-term stewardship and management of the developed assets.

The scheme will be delivered through separate or single corporate joint venture structures whereby the Council as a landowner will contract with the JV vehicle(s) in which it will be itself a shareholder. The scheme involves a partnership approach to regeneration with a focus on wider stakeholder engagement with a range of public sector organizations.

Deadline for submitting proposals is October, 24. Further information is available here.

Plans for regeneration of the Carpenters Estate have been under consideration since 2000/1. Residents have seen a number of plans since that time. The last proposals – presented in 2008 – were cancelled due to a lack of investment funds.

In December 2016, Mayor of Newham, Sir Robin Wales, in consultation with Newham Council’s Cabinet, gave the go ahead to begin the process of selecting one or more partners to bring forward the redevelopment of the estate.

Sir Robin Wales said:

“Residents are at the heart of our plans to develop Carpenters. It is not just about investing in bricks and mortar but in our residents. We are confident that our vision for the  transformation of the Carpenters Estate will allow us to unlock the true potential of this site. We will create thousands more homes and jobs as part of a high quality neighbourhood meeting the aspirations of the council as well as existing and future communities.

“The existing community living on the estate can be assured that we will continue to work with them. This is an incredible opportunity for the whole borough and I intend to maximise all the benefits it will bring for our residents.”