Regeneration

A Kent council has put pen to paper to become the first shire district to agree a Private Finance Initiative (PFI) deal to regenerate a housing estate.

Ashford Borough Council has signed a 30-year contract that will unlock Government funding to transform the run-down 1960’s Stanhope estate.

The Chrysalis consortium will undertake a massive regeneration project on Stanhope over the next five years, replacing nine blocks of flats with more than 400 new homes for rent, shared ownership or sale. There will also be a new commercial centre with shops, a pub, a community building and improved public spaces.

Head of housing, Tracey Kerly, says: “This has been a hugely complex process, but it will ultimately benefit thousands. It’s not just a straightforward refurbishment contract, but full-scale regeneration of a mixed-tenure estate with more than 1,000 homes.