The group’s investment arm will work with Brentwood Borough Council as development partner to deliver housing on council sites with up to £1bn worth of schemes over the next 30 years.

The award of the contract to set up the 50:50 joint venture with Morgan Sindall is subject to full Council approval.

Brentwood Borough Council Leader, Cllr Louise McKinlay said: “This is the largest and most significant project Brentwood Borough Council has ever undertaken.

“We have a grand vision of what we want our town to become and this opportunity is a once in a lifetime chance to make this a reality.

“Our residents will, over the coming months and years, be able to see a real change that will build on our heritage and create a Town of the future for generations to come.”

Wes Erlam, Managing Director of Morgan Sindall Investments said: “The 50:50 JV will mean the council can retain control over how its land is developed and the pace and scale of that development.”

Morgan Sindall Investments is backed by a large lending consortium including Barclays, RBS, Investec, Aviva and Pluto Capital and has raised more than £1.5bn finance for its projects to date.

Last year Morgan Sindall agreed a £2bn property delivery joint venture with Hertfordshire County Council to deliver housing.

It also has ongoing deals with Slough and Bournemouth Borough Councils.