The Croydon Council Urban Regeneration Vehicle (CCURV) is a 28-year exclusive joint venture partnership between Croydon Council and John Laing, with the aim of regenerating a portfolio of key sites across the London borough of Croydon. 

This Local Asset Backed Vehicle (LABV) was the first partnership of its kind between a private developer and a local authority, ^[1] and achieved Commercial Close in November 2008. 

This 50:50 partnership involves the investment of land by Croydon Council, with John Laing investing equity and providing development expertise; in order to realise a range of mixed use development opportunities across the portfolio of key sites. 

This approach:

• Enables Croydon Council to retain greater long-term control of shaping local regeneration through development rather than traditional approaches (such as straightforward asset disposals);
• Enables the council to unlock and access value within its asset base; and
• Ensures that socio-economic opportunities generated through realising each development (such as employment and supply chain opportunities) are reinvested locally; thus constituting a truly holistic approach to regeneration. 

The council’s local knowledge combined with John Laing’s expertise and experience in delivering infrastructure enables the maximisation of value and delivery of development profit to the partnership.

Bernard Weatherill House is CCURV’s cornerstone project.  It will provide 240,000ft² of BREEAM Excellent office space and customer access points, which will allow Croydon Council to provide a better and more co-ordinated service to its residents. In addition, the project means the council will be able to dispose of its outdated and inefficient buildings, saving taxpayers’ money in the process. Financial Close for this development was achieved on 15 March 2010 and construction completion is scheduled for 31^st of May 2013.

Throughout the development of the project CCURV has delivered significant levels of local socio-economic impact by working collaboratively with its construction partner for the project, (Sir Robert McAlpine) and other local partners.

Significant positive outcomes have been delivered locally through this approach, providing a vital boost to the local economy in a challenging economic climate. These include: creating local employment; delivering work placements for young people; supporting vocational diplomas and creating supply opportunities for local businesses.

The second project being realised through CCURV is the Waddon Leisure and Affordable housing scheme, which it is delivering on behalf of Croydon Council and Hyde Housing Association.  This project initially comprises a new swimming pool, sports hall, gym and community space; along with 119 affordable homes for the Hyde Housing Group.  Private housing will then be delivered in the second phase of the project.

Construction started in January 2011 and the project is due for completion in 2012. Socio-economic outcomes are also a key consideration for this project (as for all CCURV projects) and the construction partner for this scheme (Wates Construction) is working closely with CCURV and local partners to realise similar positive outcomes to those delivered on the Bernard Weatherill House project.

CCURV has also assisted in the delivery of town centre Masterplans, sponsoring the College Green Masterplan, and sitting on the project board of the Mid Croydon Masterplan. 

The development of College Green and its direct environs will also be delivered through CCURV and will support Croydon’s aspiration to deliver an increased proportion of residential development within the Croydon Metropolitan Centre, whilst also regenerating and reinvigorating an area of public open space that is at present poorly used. 

This development is also intended to deliver learning and cultural quarter that will link the Fairfield Halls and Croydon College; and will also create a new link between East Croydon railway station and the new civic quarter.

Another project that will be delivered through CCURV is the Taberner House re-development.  Following the completion of the Bernard Weatherill House, the council will decant into their new civic facilities leaving their former council offices for redevelopment.  The proximity to public transport makes this an ideal location for a residential building as it combines the benefits of town centre living with a short commute by train to central London or a short walk to Croydon’s office district. CCURV is looking to consult the public on the development plans this Autumn.

CCURV will also deliver several smaller sites across the borough, including both affordable and private residential sites, thereby assisting the council in delivering its housing requirements. These sites vary in the number of units that can be delivered from 30 to 100 units. Amongst these sites are opportunities to deliver retail space and food store developments; thereby creating local economic employment opportunities whilst also unlocking value in the council’s asset base.

Whilst challenging market conditions have slowed, the delivery of some of the initial developments, CCURV has made good progress in terms of successfully delivering these developments despite the economic climate; generating significant socioeconomic impacts locally through its approach to development; and progressing the subsequent developments sites within its portfolio.

The success of CCURV can be attributed to the firm and standing commitment made by Croydon Council and John Laing to embrace the ethos of working in partnership through CCURV; and collective efforts to extend this ethos through CCURV’s approach to working with its construction partners and other local stakeholders.

Find out further information at www.ccurv.com

^[1] There had been previous LABV structures between Regional Development Agencies and local authorities.