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.
