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Trowers & Hamlins advises North Tyneside Council on social housing PFI project

Trowers & Hamlins advises North Tyneside Council on social housing PFI project

Advising North Tyneside Council on the modernisation of 33 existing sheltered housing schemes, consisting of 1,055 units of housing, through a combination of refurbishment of some of the existing stock and the provision of new build, along with the development of a 40 unit plus new extra care scheme, to meet the government's Decent Homes Standard and the needs and aspirations of a growing older population.

Advising North Tyneside Council on the modernisation of 33 existing sheltered housing schemes, consisting of 1,055 units of housing, through a combination of refurbishment of some of the existing stock and the provision of new build, along with the development of a 40 unit plus new extra care scheme, to meet the government's Decent Homes Standard and the needs and aspirations of a growing older population. Along with the refurbishment and new build, the Council is to consolidate existing provision from 33 sites to 26 sites, allowing up to seven sites to be released as a capital contribution for the developer, with the project requiring £93.9 million PFI credits, with a £6.6 million capital contribution and an estimated revenue stream over 30 years of £53.3 million. When complete the scheme will allow the Council to deliver better services to an ageing population into the future as well as to consolidate and modernise its existing housing and care provision for older people so that the services they require are not only more readily accessible, but also better located.