London Mayor Boris Johnson is pressing ahead with plans to form a private developer-led housing company to deliver up to 11,000 homes in the capital. His London Delivery Authority will invite developers to submit bids to run the special purposes company in October.
The housing-led regeneration company, to be called the London Housing and Property Company, will inherit the LDA's substantial land holdings. Other London local authorities will be invited to release land for development once the new company is up and running.
The Mayor hopes to harness private sector commercial acumen with the public sector's ability to de-risk development to deliver complex housing regeneration projects.
Already up to six major LDA sites in East London have been earmarked for the delivery company. If they are successfully developed the sites could provide a mix of up to 11,000 affordable and private homes.
A formal public notice setting out details of the plan and inviting interest from private sector developers will be published in three months, but interested firms can contact the LDA for further information now.
The successful developer may be required to provide design build finance and operate services or simple development management services.
Like the model used by the Housing and Communities Agency, LHCP is expected to set up a panel or framework of contractors and developers to build out major schemes.
