Cabinet considers options for Rainham and Beam Park joint venture
Cabinet will consider the future structure of the Rainham and Beam Park joint venture between the Council and Notting Hill Genesis at next week's Cabinet meeting (19 July 2023).
The partnership, Rainham and Beam Park Regeneration Limited Liability Partnership, which is part of the wider housing zone set up in June 2015, was formed in December 2017 to create over 850 homes for local people on nine sites along the A1306 in Havering.
Without the support of the Department for Transport for the construction and opening of the proposed Beam Park Station, along with significant economic uncertainties arising from the Covid 19 pandemic, increased construction costs and inflation, the Board has found it difficult to agree a way forward that reflects current economic conditions.
The Cabinet paper outlines the options available and the preferred proposal; for the Council to be given approval to acquire the Notting Hill Genesis interest in the Rainham and Beam Park Regeneration LLP.
This will ensure the continuation of the regeneration of Rainham and Beam Park and the delivery of the new homes for Havering.