Yuill are working with Barratt Homes and Keepmoat Homes as part of the BKY Joint Venture Company and have been selected by Newcastle City Council as their preferred partner for a £320m project to develop 1800 homes, together with commercial and community facilities on a prominent site in the West End of Newcastle.
The Scotswood Urban Regeneration Vehicle will be formed in early 2011 and will bring together BKY and NCC in a partnership which will be one of the first local housing company’s in the country. The Scotswood URV act as the developer for the site sharing equity and returns on a 50/50 basis. Barratt, Keepmoat and Yuill will individually act as contractors to the URV providing a construction and sales service. The proposals will also include for a long term Succession Vehicle to manage the residual assets and public realm in the area.
The Scotswood scheme will aim to push the boundaries of urban design and sustainability, including a combined heat and power plant, Code for Sustainable Homes Level 4 initially possibly rising to Code 6. It will also conform to all HCA standards including Lifetime Homes and Building for Life.
Design proposals are at an advanced stage with a revised masterplan and design code having been agreed for the site. This will lead to a reserved matters planning application for the first phase in the spring of 2011 with development commencing in late 2011.
The Scotswood scheme is indicative of the many ways in which Yuill can work with its partners to share both risk and reward bringing longer term benefits to its partners over and above those which would accrue from a normal land sale.
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