Calico Homes to establish ten-year JV

The Burnley-based housing association is planning to set up a joint venture company with a construction partner to deliver its £48m development programme.

Calico owns 4,500 homes in Pennine Lancashire and is planning a number of new build developments in addition to the refurbishment of existing stock.

The £48m budget is split roughly 50:50 between refurbishment and new-build. Funding will come from cash reserves, future revenue and borrowing from Royal Bank of Scotland and Nationwide, as well as potential grant funding from the Homes & Communities Agency.

The joint venture will also bid for third-party work for other organisations, which could take the value of the JV order book to £88m over ten years.

Calico expects to appoint a partner by May 2012.

Your Comments

Read our comments policy

Related Articles

Sign up to receive the Place Daily Briefing

Join more than 12,000 property professionals and receive your free daily round-up of built environment news direct to your inbox

Subscribe

Join more than 12,000 property professionals and sign up to receive your free daily round-up of built environment news direct to your inbox.

By subscribing, you are agreeing to our Terms & Conditions and Privacy Policy

"*" indicates required fields

Name*
Would you also like to receive our free PlaceTech Weekly newsletter, covering innovation in property?*