Creation of a New Property Delivery Model for Hertfordshire County Council

Descriptions

Hertfordshire County Council (the Council) has procured a partner to support it in moving to an innovative Property Delivery Model. The Council has a substantial portfolio of surplus land and property that can either be disposed of or developed. There is a consensus of opinion within the Council that there is a need to pursue an alternative model where the Council takes more of an active role in development with the aim of improving the financial returns to the Council and pace of delivery. The Council has therefore incorporated Herts Living Limited, a wholly owned subsidiary of the Council, and has also procured a strategic partner with development and funding expertise to work with it to identify opportunities from its land holdings and potentially those of its partners, and bring forward development and funding on these sites. The Council also reserves the right to pursue investment opportunities and land acquisitions during the lifetime of the partnership.