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Croydon LBC's bid to become London's Third City has taken a step closer, with a £450m joint venture. The council has announced the deal with builder, John Laing, to regenerate the town centre, including a new headquarters for the authority. The deal involves an asset-backed Urban Regeneration Vehicle, into which the council will invest land and John Laing equity. Through this limited liability partnership, the council will receive a 50/50 share in profits. The 25-year deal will involve the phased regeneration of four town centre sites, including the creation of two 40-storey towers with 650 residential units. With the council's long-term regeneration strategy, it also has the option to add additional sites into the partnership, as and when further development is required over the next 25 years. The project will not only include the council's 40-story tower block but also part of an art college and buildings owned by the local PCT. Most of the buildings involved have a limited life in their present form, and are presenting increasing maintenance liabilities. The council hopes the initiative will significantly raise the area's profile, both within the capital and nationally. At a time when the economy is under strain, the project and a boost in the area's profile should help deliver badly-needed jobs. Cllr Tim Pollard, cabinet member for regeneration and economic development, said: ‘This partnership approach is at the cutting edge of the public and private sectors working together. ‘The creation of the URV paves the way for John Laing to support us in delivering our strategic regeneration plans over the coming years.'

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BUSINESS

Croydon's towering ambitions to be a 'Third London City'

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