Woking housing PFI signs

Woking Borough Council has signed its £80m social housing scheme.

The contract with the Evolution consortium – comprised of contractor Kier and Thames Valley Housing – will see the creation of 224 affordable rented homes and 147 for market sale.

The 224 affordable rented homes will be built by Kier and then be managed and maintained by Thames Valley Housing for a 25-year term. The first homes are expected to be available in early 2015, with planning permission having already been secured ahead of financial close.

Debt for the deal will be provided by Nord LB.

“By taking the private finance initiative route, the council is able to deliver a step-change in the provision of affordable housing within the borough,” said Cllr David Bittleston, portfolio holder for housing.

Evolution was named preferred bidder on the project in November last year.

For more information on the deal, click here.