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£160m PFI for Miles Platting regeneration signed

The Renaissance Consortium, led by Morgan Sindall’s national affordable housing provider Lovell, in partnership with Adactus Housing Association and Investors in the Community, has signed contracts today with Manchester City Council to redevelop the Miles Platting neighbourhood under a Private Finance Initiative. Through the PFI, £160 million of public money will be invested, along with a similar amount of private sector funding.

The contract signals the start of a five year, comprehensive modernisation and improvement programme for 1,520 council houses and apartments across a 264-acre area of Manchester, two miles east of the city centre.

In addition to the refurbishment of existing homes, the regeneration scheme includes the creation of 1,080 new-build family houses and apartments. Lovell is expected to start work on the new-build properties in 2008.

“We are delighted with today’s news,” says Paul Smith, Morgan Sindall’s chief executive. “This is the first major social housing PFI for the Group and Lovell, which has a strong track record for delivering large-scale housing regeneration programmes.”