MIPIM 2012: UK Regeneration has launched plans for its first development, a £30m scheme in Nottingham that it hopes will unlock regeneration across the country.
The launch is confirmation of the first project since Estates Gazette revealed last summer that UKR was working to deliver 20,000 homes by 2020.
Nottingham’s 5-acre Sandfield Village site will comprise 200 private-rented homes together with local amenities and jobs. The site, formerly home to a school and also used as council offices, has been provided by the council.
“We”ll be creating a village that does something new. It faces the consumer,” said UK Regeneration’s chief executive Jackie Sadek (pictured) at the MIPIM launch. “We’re regenerating regeneration. The old models no longer work, and we need to find new ones quickly. It is clear that we need to move regeneration decisively into the private sector and not look for public subsidy.”
Graham Chapman, deputy leader of Nottingham City Council, said: “We are providing positive support for what is an entirely new and sensitive approach to development. High quality development in Nottingham is always welcomed, especially when it provides economic benefit to the city in terms of jobs and places to live. It is a mark of confidence in the city.”
Brendan Jarvis, head of property EMEA at Barclays, said: “We have been working with UKR on this business concept since November 2010. It’s the potential that this new model might offer to open up new markets and to help unlock value for all stakeholders that is so exciting. This first Nottingham pilot has a value in excess of £30m, and provides an excellent starting point in the national programme.”
More information on the deal will be announced in the next few weeks.
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