Tuesday, 28 October 2008

EASEL update - Joint Venture Company set to launch?

Attendees at the Council's East (Inner) Area Committee on 23 October 2008 heard a latest update on the East and South East Leeds Regeneration Project.

It is anticipated that a report seeking to progress the establishment of the Joint Venture Company will be taken to the Council’s Executive Board in November. The Company will be a joint venture between the Council and Bellway Homes.

Download a copy of the Council Report

This is interesting news given the current housing slump and credit crunch, which, as this blog shows, is decimating house sales, prices and affordability all at the same. It will very interesting to see what kind of deal is struck with Bellway given that the original plan was to build 5000 new homes over the next 15 years. Land values have slumped in Leeds, meaning that the Council's share of any regeneration - which comes through selling its land holdings - does not currently look very good.

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