The authority has appointed housebuilder Hill Group and investor Balfour Beatty Investments as its partners on the two initiatives, which form part of the council’s strategy “to manage the impact of reduced national funding by investing money to generate income”.
Under the plans, the two partnerships will acquire land for new homes, as well as for commercial developments to support the local economy. The risk and rewards associated with the investments will be “equally shared” the council said.
“The partnerships allow each party to benefit from the other’s skills, expertise and knowledge and open-up bigger opportunities that may not have been possible without the advantage of working as a team,” it added.
The council expects to contribute up to £170m between the two partnerships during the next four years. This will include a mix of cash and funds it is able to borrow at preferential rates, supported by grants and other funding.
The South Cambridgeshire Investment Partnership with Hill Group will build a range of private sale and affordable housing, plus regeneration developments to support local communities and economies, as well as investment and income generating opportunities for the council.
Meanwhile South Cambridgeshire Projects, the name of the vehicle with Belfour Beatty, will focus on mixed-use developments to be “identified within South Cambridgeshire and neighbouring areas”.