Nottingham Council has launched a search at MIPIM 2009 for a development partner to develop 5,000 homes in the city.

Nottingham has been chosen by central government to pilot a scheme, with three other local authorities, in the local housing company model which is backed by the government.

The new housing company will be known as New Homes Nottingham.

New Homes Nottingham has pledged to invest £1m a week on construction over the next five years and is aiming to hit its 5,000 homes target in the next seven years.

Lorraine Baggs, Nottingham's investment manager, said: ‘We aim to show how Nottingham can provide many real property and future development opportunities for investors.’