Brentwood Borough Council has awarded the concession contract to Morgan Sindall Group for the planned mixed-use development project with an estimated investment of about GBP1 billion (US$1.282 billion). 

The project involves the demolition, preparation, design, build, finance, operation, management and maintenance of mixed-use development and regeneration schemes, including (but not limited to) housing, retail, commercial units, public spaces, and leisure facilities. 

The joint venture contract with the council will end after 30 years. The Council will invest its land in the partnership but all other funding approaches are to be developed as part of the funding solution developed through the competitive dialogue procedure. The Council recognizes the opportunity for it to act as a senior leader and is willing to consider any structural mechanisms/alternative joint venture structures that may deliver commercial benefit to both parties. The securing of capital, funding and/or investment will form part of the partnership solution, as will the marketing and positioning of the real estate developed.

The partner(s) will provide its development expertise, equity investment and access to private funding. The partnership will fund and deliver a program of sites (including residential, commercial, community and other schemes) that are identified and declared as surplus by the Council. The Council and its partner(s) will share in any financial returns from the sale or rental of the development sites in a manner that is commensurate with the risks taken.