John Prescott was on the Liverpool stand today to introduce a new partnership between Liverpool City Council and investment-led regeneration specialist Inpartnership that will regenerate hundreds of acres and build thousands of new homes in Liverpool's most deprived areas.
InLiverpool's first two phases of regeneration comprise 63 acres in 'the Boot', an area in Norris Green, and 30 acres in Dovecot that will total about 2,000 new homes.
Duncan Sutherland, director of Inpartnership, said this was only the beginning and that the regeneration undertaken by InLiverpool would grow at a 'phenonmenal rate' in the next five years.
All profits made by InLiverpool will be reinvested into further regenerative projects such as new schools and village centres.
InLiverpool is seeking to create partnerships with private sector development partners and residential social landlords. For instance, it has already secured a deal with Countryside to develop 9 acres on the Norris Green site.
Inpartnership is backed by shareholder LXB Properties and Sir Tom Hunter's West Coast Capital and has a £1bn investment kitty - £400m of equity and £600 of debt - in its various schemes across the UK, including Liverpool.
It already has a partnership with Solihull Metropolitan Borough Council called the North Solihull Regeneration Partnership, which is regenerating 1,000 acres, building 8,500 new homes, 10 primary schools, five village centres and new health care facilities together with housing builder Bellway Homes and residential social landlord Whitefriars Housing Services.