The deal is the last PFI housing projects to gain approval after the Treasury decided to run the rule over the business case for 13 PFI housing projects worth £1.2bn.
One officially announced contractor Higgins Construction will proceed with the Myatt’s Field North project which involves extensive demolition work before 305 homes can be built around a new park and community facilities.
It is a member of a consortium including John Laing’s Regeneter, Equipe Regeneration, Pinnacle PSG and Scottish and Southern Energy.
The project includes full management and maintenance of the PFI properties and new open spaces over a 30 year concession period.
Up to 146 new affordable units will be pre-purchased by Regenter’s RSL partner, Notting Hill Housing Association.
All homes will be built to Lifetime Home standards and Code for Sustainable Homes Level 3. Construction will be completed within 5 years for all PFI elements and an anticipated period of 6.5 years for the remaining development works.