LONDON, April 6, 2016 /PRNewswire/ --
Telereal Trillium has been appointed onto a 4-year Promoter Framework for Central Bedfordshire Council, to fund, manage and lead the planning and disposal process for the Council's surplus land and buildings, along with four other companies.
A 68 hectare (168 acres) site near the town of Arlesey, Central Bedfordshire is the Council's first disposal as part of the Framework. Telereal Trillium was appointed from the Framework to partner with the Council.
This ground breaking public/private partnership supports the acceleration of supply for residential units being brought to market. Central Bedfordshire Council will retain ownership of the land, while Telereal Trillium will lead and fund the planning consent process, investment in site infrastructure, and subsequent disposal of the consented land to the house builders.
The Framework is open to neighbouring public authorities/bodies of Central Bedfordshire Council, and also to 17 other local authority members on the Central Buying Consortium.
Arlesey is a small town, three miles north-west of Letchworth Garden City, four miles north of Hitchin and six miles south of Biggleswade. A dedicated railway station provides fast services to London's Kings Cross in 37 minutes.
The site is allocated for residential (circa 850 units), employment, retail and education uses, subject to planning.
A main, critical infrastructure item that was under consideration was the relief road. The relief road will provide a clear route through the development for vehicles, cyclists and pedestrians that relieves traffic from other parts of Arlesey. Planning consent was granted in March 2016.
It is anticipated that the relief road construction could commence in 2017, unlocking the site for a residential led redevelopment as anticipated in Central Bedfordshire's adopted Arlesey Masterplan 2014.
Graham Edwards, Chief Executive at Telereal Trillium said: "We are delighted to have been appointed onto the 4-year Promoter Framework and to be promoting the surplus site at Arlesey for Central Bedfordshire Council. This promoter partnership is the first of its kind being implemented in this context and will act as a catalyst for future partnerships, with similar requirements."
Cllr Richard Wenham, Executive councillor for Corporate Services at Central Bedfordshire Council said: "As a council we want to do what we can to support the building of new homes and jobs and so freeing up sites such as this one is important to us. Through partnering with specialist companies such as Telereal Trillium we hope to maximise the yield from our surplus assets. Raising more money through sales to fund investment in our local services reduces our borrowing requirement."
Subject to further planning consents, new housing could be made available for occupation from 2019.
Notes to editors
About Telereal Trillium
Telereal Trillium is one of the UK's largest property companies, owning and managing a £6bn portfolio with a total floor area of 86 million sq ft, and housing 1% of the UK's workforce. Operating in three distinct, yet complementary business areas - property partnerships, investment, and development - we have established a UK-wide portfolio of more than 8,000 properties. We have long-term property partnerships with some of the UK's largest occupiers, including BT, Aviva, the Department for Work and Pensions and DVLA, through which we have developed an enviable track record in cost reduction, risk management, capital release and business transformation. http://www.telerealtrillium.com
About Central Bedfordshire Council
Central Bedfordshire is a unitary authority that was created following the merger of Mid Bedfordshire and South Bedfordshire District Councils and Bedfordshire County Council in 2009. It provides services to around 270,000 people and is located in a central location within 40 miles of London. With plenty of open spaces, great services and facilities - along with excellent road and rail links - it is a great place to live and work. http://www.centralbedfordshire.gov.uk/
SOURCE Telereal Trillium