Miles Platting PFI
£235 million Private Finance Initiative in East Manchester.
The Miles Platting project, a housing Private Finance Initiative (PFI), is successfully transforming a 264-acre, inner city housing estate in East Manchester into a sustainable, mixed tenure urban environment.
The works involve a five year comprehensive refurbishment programme of 1,520 existing council houses and flats and the creation of 1,080 new-build family houses and apartments. The first phase of the new build development, Gener8, compromises of 53 units of two and three storey houses with 11 properties to rent via Adactus Housing Association, 20 for sale with HomeBuy Direct and 22 for open market sale by Lovell.
In order to raise the funding, we formed a partnership known as the Renaissance Consortium. This compromises ourselves as developer, Adactus HA to manage the affordable housing, equity providers (Morgan Sindall Investments Limited, IIC and Adactus) and external funders Dexia. Using the PFI model means the project does not count against Manchester City Council’s borrowing targets.
We worked in close liaison with local residents specifically evaluating shopping and community facilities, sporting and recreational areas, all tenures of housing, crime and safety issues and business, jobs and training opportunities. We embarked on a comprehensive neighbourhood consultation process and the resultant neighbourhood plan has guided and continues to guide current and future development.
Training & Employment
We have undertaken an apprentice programme for disadvantaged local people, 18 apprentices were taken on in the first year. This programme was recognised by our acceptance of two national Homes and Communities Agency (HAC) awards.
We also set out a local supply chain management strategy to enable us to develop sustainable partnership working with local companies. For all labour working on site we maintain that at least 50% of the people we employ on site live in East Manchester.