The Inspiral consortium – named after Oldham-based indie band Inspiral Carpets – has reached financial close on the £131 million (€153 million; $206 million) Gateways to Oldham housing and regeneration Private Finance Initiative (PFI) project in north-west England.
The PFI aims to transform the four neighbourhoods of Crossley, Fitton Hill, Westwood and Primrose Bank into “diverse and attractive residential areas” according to a statement.
The initial phase of the project will involve the construction of 420 new social and private homes, the modernisation and refurbishment of 318 existing council homes and the “selective demolition” of existing properties. It also includes public open spaces, improved car parking and new community facilities.
The Inspiral consortium is led by Regenter – a 50/50 joint venture between developer John Laing and housing services firm Pinnacle Regeneration Group – which is acting as lead investor, developer and manager of the project. Great Places Housing Group, a housing association, is a co-investor and developer in the project and will provide neighbourhood and estate management services; while Wates Living Space, which is part of UK construction firm Wates, will be responsible for building, refurbishment and repairs.
The consortium will deliver ongoing neighbourhood and local area management plus repairs and maintenance services throughout the life of a 25-year contract. Construction is expected to start at the beginning of 2012 and last until early 2015.