The joint venture (JV) partnership is between Pendle Borough Council and Barnfield Investment Properties (BIP).
Key Questions
Who is in the joint venture?
Why was the joint venture PEARL set up?
Recognising that public funding for economic regeneration was unlikely to be sustained in the future, Pendle Borough Council embarked on a strategy to work in partnership with a private sector partner to unlock the development potential of various land and property assets in the Borough and maintain development momentum.
A Council does not usually have the capacity and expertise ‘in house’ to deliver development activity alone. The Council working jointly with a private sector partner, such as Barnfield Construction can share and utilise the professional skills and commercial expertise across the two parties to deliver developments.
The partnership was set up in 2007 to deliver the ACE Centre and further JV companies have been established since.
This strategy focused on:-
- exploiting private sector knowledge and know-how in the development of difficult and marginal sites;
- levering in private sector funding for the development of these sites; and
- making use of surplus land and property assets held by the Council.
What has PEARL delivered?
So far, Pearl has …..
- Built a ‘state of the art’ Arts and Entertainment Centre
- Carried out three commercial / retail developments
- Built 72 new homes and are on site with building a further 67 new homes
- Delivered 10 development projects
- Restored and brought 3 derelict heritage buildings back into use and have restored a further 80 Victorian terraces
Which projects is PEARL currently working on?
We are working on site on the following projects:
- Northlight (Brierfield Mills) – conversion and reuse of a listed mill complex
- Foxhills, (Clitheroe Road, Brierfield) – Phase 1 – 35 homes
- Carry Lane, Colne – 33 new bungalows and houses
A number of other schemes are in the pipeline.