What's Happening?
The Peabody Trust has initiated a search for a joint venture partner to assist in the final phase of its Wornington Green estate regeneration project in west London. This phase, located along Portobello Road in the Royal Borough of Kensington & Chelsea,
aims to deliver up to 370 homes, along with replacement community facilities and a park. The housing association is looking for a partner to engage in a 50:50 joint venture, ensuring the project's deliverability, commercial value, compliance with the Building Safety Act, and alignment with housing needs. The project, valued at £140 million including VAT, is expected to complete by 2033, with construction starting in 2027. Preliminary market engagement is underway, with a formal procurement process set to begin in spring 2026.
Why It's Important?
The regeneration project is significant as it addresses housing needs in a densely populated area of London, providing new homes and community facilities. The involvement of a joint venture partner is crucial for ensuring the project's success, particularly in terms of compliance with safety regulations and maximizing commercial value. The project also represents a substantial investment in the local economy, potentially creating jobs and enhancing community infrastructure. The strategic location with strong transport links further underscores the project's importance in urban development and housing policy.
What's Next?
Peabody Trust is conducting preliminary market engagement until January 2026, after which a detailed brief will be issued to shortlisted participants. The formal procurement process will follow, adhering to the Competitive Flexible Procedure under the Procurement Act 2023. The selected partner will collaborate with Peabody to finalize the joint venture structure, influenced by market feedback during the engagement period. Construction is scheduled to commence in 2027, with completion targeted for 2033.
