Council ups payments to regen PFI

The authority is planning to change its contribution to the Little London, Beeston Hill and Holbeck PFI scheme to bridge the gap and ensure the project can reach financial close.

Preferred bidder Sustainable Communities for Leeds (SC4L) – a joint venture involving contractor Keepmoat and Sweett Investments – is working to sign the contract and together with the council has brought Nationwide Building Society and the Co-operative Bank on board.

However, a third funder has pulled out of the deal, leaving a potential funding shortfall.

“This is an exciting project for Leeds, and will be the largest single area regeneration investment in Leeds for many years and one of the largest housing PFI projects in the country, so it is vital that we do this right,” said Peter Gruen, member for neighbourhoods.

“This project has encountered a number of hurdles over the past few months, but we are now getting close to the final stage.”

For more information on the project, click here.