London Borough of Lambeth has a strategic objective to deliver 1,000 new homes at social rent levels in the next four years. PRD initially provided strategic development and programme management support to assist the Council to scope its options and develop a business case for a new, wholly owned Special Purpose Vehicle, which will deliver these homes in a new and innovative way, together with high volumes of housing across other tenures which are essential to meeting the current and future needs of Lambeth’s residents.
In addition to this core objective, PRD’s work determined how the new venture could deliver non-residential and mixed use schemes, in order that regeneration is delivered in a way that recognises local priorities and supports Lambeth’s Cooperative Council principles. A variety of financing, structuring and operational methodologies were also explored as part of this exercise and the Council has first option to invest or lend into the venture on market terms.
Lambeth’s Cabinet approved the recommendation to establish the ‘Homes for Lambeth’ group of companies in October 2015 and approved the governancemobilisation proposals for Homes for Lambeth in May 2017.
Together with Newbridge Advisors LLP, PRD is currently supporting the Council, its key stakeholders and advisors in order to establish and mobilise the newly formed Homes for Lambeth companies.