Treasury gives £150m Lambeth PFI housing scheme go-ahead

The government has given the John Laing and Pinnacle Regeneration Group joint venture Regenter the go-ahead for a £150m regeneration of a south London housing estate.

The government this week approved the Myatts Field North PFI scheme in Lambeth, which will see the remodelling of the existing estate with the construction of 305 new homes for residents of blocks to be demolished, and the building of 357 new homes for sale.

Some 146 affordable homes will be constructed under the plan, with a further 172 existing properties being refurbished and a combined heat-and-power plant for the whole development installed.

A new community centre with sports facilities will also be constructed.

Regenter managing director Jim Saunders said the project was “critically important” for Lambeth council and local residents.

“We look forward to the prospect of working in partnership with the London borough of Lambeth, our consortium partners and the local community to deliver this exciting regeneration programme,” he said.

The 25-year PFI project will be overseen by the Homes and Communities Agency and built by a consortium including Regenter, Higgins Construction, Rydon Maintenance, Pinnacle PSG and E.ON.

It is Regenter’s fifth PFI project and works are expected to commence this spring.