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Firm reaches financial closure for Rydon in Lambeth Myatts Field North Housing PFI project

14 May 2012

Clyde & Co has advised Rydon Maintenance Limited (Rydon) in reaching financial closure of the Lambeth Myatts Field North Housing PFI project.

Rydon are the refurbishment works responsive repairs and cyclical maintenance contractor, working with Regenter which is behind this massive 25-year project to transform the Lambeth Council estate.

The entire project includes over 1,000 properties, and features the construction of 305 new homes to replace those in poor condition, the refurbishment of 172 leaseholder properties, the provision of 146 new affordable homes, the construction of 357 new homes for sale as well as the installation of a new road, sewer and public realm infrastructure (with new streets, green spaces and play areas).

As well as Rydon, the team also advised the new build contractor Higgins in their contracts with E.On to provide a new energy plant and solar solution to both the refurbished and new homes.  This is an innovative arrangement that assists with the affordability of the scheme, reduces the carbon footprint and reduces tenant and leaseholders' energy costs. 

Construction and infrastructure partner Liz Jenkins led the project along with associates Sharni Mellors (acting for Rydon on the refurbishment, repairs and maintenance) and Catherine Johnston (acting on the contracts with E.On).

Liz said: "We are delighted to have reached financial closure on this project, which will transform this Lambeth Council estate into state of the art social housing."

"This was a major project with several complex elements for which we drew on the vast expertise of our growing team."

Jeff Henton, MD of Rydon Maintenance commented: “As the consortium partner responsible for the refurbishment element of the project and the long term facilities management of the estate, we look forward to working very closely with the local community and the residents.  This is another really exciting opportunity to strengthen the excellent relationships we already have in and with the London Borough of Lambeth.”

Aileen Ivanec, Group legal director at Rydon, added "I would like to thank Liz Jenkins and her team at Clyde & Co for their commitment to delivering this scheme for us."

Construction is due to start in spring 2012 with project completion anticipated for December 2016.