Our joint ventures bring together public and private sector organisations to stimulate growth and regeneration. The joint ventures that we are involved in operate on an arms-length basis as commercial companies in their own right. As well as delivering regeneration and development outputs, they also generate a financial return for the partners, including the HCA.
The English Cities Fund invests in mixed-use projects in town and city centres in assisted areas, where local economies are below the EU average. The fund was set up by the HCA and its two joint venture partners, Muse developments (formerly known as AMEC) and Legal & General. Current projects include schemes in Liverpool, Plymouth, Wakefield, Newham and Salford, with a potential development value of more than £1bn. The fund has continued to develop speculative mixed use and commercial schemes during the downturn and has recently completed the first phase of development at Wakefield Westgate and is on site at St Paul’s Square, Liverpool and Rathbone Market, Canning Town.
Priority Sites Ltd is a public-private partnership owned by The Royal Bank of Scotland and the HCA. It was established in 1997 to create high quality, sustainable industrial and commercial property in regeneration areas. The company has delivered more than 4 million sq ft of completed high quality employment space for sale or to lease, and is seeking opportunities to work in partnership with landowners to deliver further industrial/commercial buildings.
Network Space Ltd develops industrial and office space in former coalfield areas. The venture is owned by the HCA and Langtree Group plc to provide local employment opportunities and stimulate economic growth in these communities. Network Space has delivered 740,000 sq ft of workspace for small to medium-sized enterprises.