Establishing a Development Company
We advised and supported London Borough of Sutton to set up a wholly owned development company - ‘Sutton Living’.
The Development Company (DevCo) would deliver new housing in the Borough across a range of tenures in order to meet needs and accelerate economic growth and investment.
Key tasks involved:
- Reviewing development opportunities and carrying out capacity studies and viability appraisals of individual schemes;
- Preparing financial models and detailed business plan;
- Identifying the processes, tools and capabilities that the DevCo would require to appraise and project manage the design, construction and management of sites;
- Establishing best practice governance protocols in line the Council framework;
- Establishing financial regulations to underpin the governance of the company;
- Developing a comprehensive project plan for the DevCo’s establishment in liaison with the Council.
The work resulted in the formation of a DevCo as a subsidiary of the Council’s existing economic development vehicle ‘Opportunity Sutton’. The Council is now progressing three schemes in consultation with local residents.