Better Queensway – Providing strategic and financial advice for housing and regeneration
Southend-on-Sea Borough Council wished to examine options to regenerate the Queensway area of the town, situated next the Southend Victoria station. The Council wished to create a new residential-led development made up of high-quality housing, a better living environment and a place for people to live, socialise and play.
The aspiration of the Council was to solve some of the major issues in this failing estate and to reconnect the community across the site separated by a major road and improve access to the town centre, seafront, jobs and shops, helping to boost the local economy.
The Role
We were brought in by the Council initially to examine the options to bring forward this challenging scheme. This led to a series of workshops and a detailed options appraisal to examine the most appropriate approach to deliver the Council’s aspirations whilst balancing the risk and reward that the Council would be exposed to. Having reviewed the options to self develop the site and a variety of other approaches this led to the conclusion that a joint venture partnership to fund, develop and manage the site for the next 30 years was the most appropriate solution.
Once this option was selected we advised the Council on developing the approach, testing it with the market and ultimately procuring a partner for the scheme. As part of this role we have:
- Developed the delivery strategy for the scheme;
- Developed a bespoke interactive financial model to assess the viability of the scheme;
- Undertaken soft market testing with potential partners to ascertain their interest in the scheme and how it should be brought to market;
- Helped secure external funding through the private sector and Housing Infrastructure Fund to take the scheme forward;
- Developed the procurement strategy and all procurement documents in partnership with the Council’s legal advisors;
- Provided strategic and financial support in leading the competitive dialogue procurement process for a Joint Venture Partner; and
- Alongside this procurement we have also worked with the Council to develop the strategy to deliver housing through a wholly-owned company of the Council and undertaken financial and structuring support to set the company up.
Key Outcomes
Our work has enabled the Council to move the project forward at each stage with confidence in the approach and the financial viability. We have supported the Council through the competitive dialogue process which will deliver a preferred partner for the scheme by early 2019.
Over 1,400
new homes
Decant and re-provision
of over 441 affordable homes
c1,000
parking spaces
30-year
Joint Venture partnership
31ten have been absolutely invaluable in developing the overall approach to BQ, particularly in relation to the procurement of a suitable partner, whilst tackling the challenges and issues inherent in a scheme of this size and complexity, such as approaches to infrastructure, finance and procurement. They bring a deep understanding and innovative approach to housing regeneration and through this expert knowledge allied with strong financial skills of the team, have developed a unique funding approach to the scheme utilising Council land, and a tailored approach to risk and reward.
Andy Grant
Project Director
