John Laing has signed a partnership agreement with Tunbridge Wells Borough Council to regenerate four Kent towns – Royal Tunbridge Wells, Cranbrook, Paddock Wood and Southborough.
The 50/50 partnership will see the council and John Laing working together to develop civic, retail, commercial, community and residential property and regenerate assets within the council’s portfolio.
Upon completion each development will either be sold, or retained within the partnership to provide an income stream, dependent on prevailing market conditions. All profits will be shared 50/50 between the council and John Laing.
The partnership is a Local Authority Asset Backed Vehicles to be established in the UK and will be called the Tunbridge Wells Regeneration Company Limited. It will last for an initial ten years.
Under the partnership John Laing will also provide masterplan services for the four towns to ensure an holistic approach to development and regeneration.
John Laing team was selected as preferred bidder on 20 December 2007.