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John Laing and Pinnacle Regeneration Group have reached financial close on a 拢150m 25-year housing PFI project in south London.

Work to transform the Myatts Field North Estate into a new mixed-use and sustainable community is expected to commence within weeks and will see the construction of some 808 new homes and the refurbishment of another 172 properties in the south London borough of Lambeth.

Led by Regenter - a joint venture between John Laing and Pinnacle Regeneration Group - the consortium also includes Higgins Construction, Rydon Maintenance, Pinnacle PSG and E.ON.

The scheme was approved by Treasury in February.

The project鈥檚 masterplan returns the estate to a traditional street pattern, which opens the area to surrounding neighbourhoods and will see the construction of some 305 new council homes, 146 shared-ownership homes, and 357 homes for sale.

Rachel Sharpe, Lambeth Council鈥檚 divisional director for housing, said the scheme heralded 鈥渁 fantastic new era鈥� for people living on the estate.

鈥淲hen this project is complete our residents will benefit from better quality homes and their quality of life will have improved by an environment that is totally transformed,鈥� she said.

Jim Saunders, managing director of Regenter, said the fact that the project had reached financial close meant that the hard work could begin in earnest.

鈥淲e look forward to working in partnership with the London Borough of Lambeth, our consortium partners and the local community to deliver this much needed and incredibly exciting housing-led regeneration.鈥�

Myatts Field North is Regenter鈥檚 fifth PFI project.