Preferred bidder announced for Suffolk county housing concession
The Suffolk County Council in the UK has selected Lovell Partnerships to form a property development alliance ( joint venture) to build nearly 3,000 homes.
The joint venture will deliver new housing-led developments to be built on the council land. Five initial locations are already identified in Lowestoft, Mildenhall, Bramford, West Row and Newmarket, with capacity for a total of around 2,800 homes plus new schools, employment land, and open spaces.
The joint venture is scheduled to be established in summer 2022 after the contracts have been finalized. The 50:50 partnership is intended to deliver around GBP700 million (US$955.16 million) of gross development value over the course of the proposed 15-year agreement, with the option to extend to a further 5 years. The authority has been advised throughout the procurement process by Concertus Design and Property Consultants, Avison Young property consultants, and legal advisors Pinsent Masons.
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