CA M BRIDGE INV ESTMENT PA RTN ER SH IP (CIP) The Cambridge Investment Partnership was established with Cambridge City Council three years ago in a bid to tackle the affordable housing shortage across Cambridge. The council was allocated £70m of grant funding towards delivering affordable housing and replacing existing unsuitable homes across 10 sites in the city. CIP exceeded the spending target with the £70m funding committed a clear two years early. The sites now in construction or with planning consent will deliver 480 affordable homes and 295 private sale homes. This is a good demonstration of the pace of delivery working with an experienced development partner.
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In order to exceed the council’s delivery targets CIP acquired, against strong market competition, a new site from a private landowner to deliver a mixed tenure scheme of 295 homes on a city centre site. Although CIP did not submit the highest bid, the investment partnership with the city council was a key factor in CIP’s selection. As well as new affordable housing, CIP has also supported the city council with commercial development on its other sites. The investment team explored a number of options to help the council deliver a new underground car park, with a hotel above, to generate much needed income and a scheme will start on site in early 2021. The additional income will be used towards delivering additional affordable homes in the city as well as supporting the delivery of other council services.
Construction activity was impressive in 2019 and Hill, on behalf of CIP, worked on 10 developments across the city demonstrating our flexibility and our ability to utilise and empower a loyal local supply chain. Our construction team has supported the council’s local housing lettings team in their allocation of new housing. The first 26 homes were occupied immediately through close partnership working between the construction and lettings team, avoiding delays experienced previously. Our first CIP site with homes for sale, as well as council rent, is a development on a former council depot site, now known as Ironworks. An eightminute walk from Cambridge railway station, it is a collection of contemporary houses, maisonettes and apartments. Since launching in October last year 23 homes have been sold and the first occupiers are due to move in summer 2020. On the mixed tenure sites the council is an equal investor participating in risk and reward. Along with exceeding their new affordable homes target and obtaining a land value, they will also secure half of the development profit providing additional benefits of the Investment Partnership to the city council. CIP is now focused on a new pipeline of sites. It recently acquired a site north of the city for 66 new homes and is also tackling the regeneration of a number of existing council assets.
OVERVIEW OF SOME OF CIP SUCCESSES
£ £7.2m
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worth of S106 money committed to local schools, parks, sports centres, NHS and The Chisolm Trail
new homes submitted in planning applications by the end of 2019
trees have been planted
new community centres across 4 different wards
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