Scarborough tenders £3.9bn JV

Scarborough Borough Council has launched a search for a strategic development partner to work in a joint venture across a programme of sites.

The Borough of Scarborough JV Partnership will see the council establish a 50:50 joint venture partnership with a private company for 30 years to fund, enable, develop, and undertake sales activity across a series of sites.

The council is planning to commit eight initial sites from its landholdings into the JV from the outset, with the potential for additional council-owned sites to be included over the life of the agreement. The JV could also purchase its own sites from a third party.

Scarborough has valued the contract at up to £3.9bn, with the estimated gross development value for the initial eight sites being between £130m and £160m.

Interested parties have until 21 January 2022 to respond.