Presently the Burnely-based housing association owns and manages more than 4500 homes in Pennine Lancashire.

It plans to set up a joint venture company with an external contractor to carry out investment, maintenance and development works for both Calico and other clients over the next 10 years.

Calico’s £48m budget is split roughly 50:50 between refurbishment and new-build.

Funding will come from cash reserves, future revenue and borrowing from Royal Bank of Scotland and Nationwide, as well as potential grant funding from the Homes & Communities Agency.

The joint venture will also bid for third-party work for other organisations, which could take the value of the JV order book to £88m over ten years.

Interested firms have until 9 January to complete PQQs before being invited into a competitive dialogue.

Calico will host a meet the buyer event on Thursday 15.12.2011. For more information about this event and project email: CalicoJV@valueworks.co.uk.