The Inspiral consortium,comprising Regenter, Great Places Housing Group and Wates Living Space, has today announced that it has achieved financial close on the Gateways to Oldham housing and regeneration PFI Project.

This landmark public private partnership will transform the four ‘gateway’ neighbourhoods of Crossley, Fitton Hill, Westwood and Primrose Bank into diverse and attractive residential areas.

In accordance with the agreed design master plan, the initial phase of the project will involve the construction of 420 new social and private homes, the modernisation and refurbishment of 318 existing council homes and the selective demolition of existing properties. High-quality public open spaces, improved car parking and new community facilities also form an integral part of this project and will create modern and sustainable communities where people will choose to live and work.

Inspiral will deliver the ongoing neighbourhood and local area management, and repairs and maintenance services for the full duration of the 25 year Private Finance Initiative contract. Construction is expected to start in the New Year, with the build programme expected to last until early 2015.

Regenter is the lead investor, developer and manager for the project. Great Places Housing Group is co-investor and developer and will provide neighbourhood and estates management services whilst Wates Living Space will be responsible for the building and refurbishment work and will also run the repairs contract.

Jim Saunders, Managing Director of Regenter said: “This is a hugely important project which will provide new and improved housing, open spaces and community facilities. As project sponsor, Regenter is very proud to invest in the delivery of successful and sustainable local communities in Oldham. We look forward to working in close partnership with Oldham Council and our consortium partners on such an exciting regeneration project.”

Stephen Porter, chief executive of Great Places Housing Group: “This news is fantastic for the people of Oldham and brings us one step closer to providing much-needed new and affordable homes. We look forward to creating reinvigorated neighbourhoods where new facilities and enhanced open spaces will help build communities in which everyone is proud to live.”

Ian Burnett, Managing Director for Wates Living Space, said: “We are delighted to be launching this exciting project as part of the Inspiral consortium. We look forward to working alongside the local community to deliver not just new and refurbished homes, but training and employment opportunities for local people.”

Councillor David Hibbert, Cabinet Member for Environment and Regeneration, said: “This project is about more than just bricks and mortar. It is about creating new communities with a reinvigorated spirit and a renewed sense of pride. As well as new homes, two new purpose-built community centres will also be provided on the Crossley and Primrose Bank estates, and new retail units developed at Crossley. These neighbourhoods will also see the provision of new park and open spaces for the enjoyment of residents. In the near future, there will also be new opportunities for local residents to seek construction jobs and training places.”