A new £2 billion property delivery joint venture (JV) has been created between Morgan Sindall and Hertfordshire County Council.

Chalkdene Developments has been created between the council's own property company, Herts Living Ltd and Morgan Sindall Investments' subsidiary, Community Solutions for Regeneration (Hertfordshire) Limited (‘CSRH').

The JV will focus on delivering new homes and jobs across the county in 12 locations, with the capacity to deliver over 500 properties at around 40 sites. The partnership agreement is for 15 years, with the option to extend to a further five.

The 50/50 partnership will also benefit from working with other companies within the Morgan Sindall Group to deliver the works at pace, including partnership homes developer, Lovell, and the Construction and Infrastructure division.

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The JV also has the potential to deliver schemes under the Government's One Public Estate initiative and on behalf of other public sector authorities in addition to Hertfordshire County Council.

John Morgan, Chief Executive of Morgan Sindall Group, said: "This win demonstrates the potential for our Investments division to become a meaningful contributor to Group profits. It also reflects our ability to leverage our diversified portfolio of businesses to offer our partners and customers a comprehensive solution spanning strategic partnerships and project delivery.

"We understand how important the development of new housing is for Hertfordshire and are excited to have the opportunity to work with Herts Living in achieving the Council's vision."

Steve Faber, Managing Director of Herts Living, said: "We are delighted to be working with Morgan Sindall Investments to deliver new, high quality, sustainable houses that will help the county to meet the needs of its growing population, reduce the housing shortage and provide much needed social housing and community assets. Doing this will also release significant capital over the long term for strategic expenditure and investment."

(LM/MH)