The Joint Venture will maximise the financial and wider returns from surplus land enabling the extra funds generated to be reinvested across West Sussex to support the wider aims of the County Council.
Jeremy Hunt, West Sussex County Council Cabinet Member for Finance, said: “Whilst a straightforward sale of land on the open market is appropriate in some circumstances, opportunities exist to return higher financial outcomes for the County Council. We can then reinvest these additional proceeds in our frontline services, supporting residents across West Sussex.
“I am delighted that we will be partnering with Morgan Sindall Group plc, one of the UK’s leading and diverse property companies, to deliver our vision to develop new places to live and work. Working with an experienced organisation such as Morgan Sindall brings many benefits and I particularly welcome its shared commitment and demonstrated success in sustainable development through social value and carbon reduction.”
The initiative will be delivered by one of Morgan Sindall Group company – Lovell Partnerships Limited.
Steve Coleby, Managing Director, Lovell, said: “Morgan Sindall is delighted to have been chosen by West Sussex County Council as its Joint Venture partner. Partnership working is at the heart of what the Group, and Lovell, do and we are looking forward to helping the Council realise its ambitions to deliver high quality new homes and commercial developments in successful and resilient communities.
“This year marks the 50th anniversary of the first Lovell partnership scheme. There couldn’t be a more fitting way to mark it than forming this long-term partnership with a shared commitment to increase the scale, pace and quality of new homes across West Sussex.”
The County Council has confirmed it has a number of sites across West Sussex that the Joint Venture partnership will be looking to bring forward for development in the coming months, subject to receiving the necessary planning permission.