Craven District Council has joined forces with Barnfield Investment Properties Ltd to create a Joint Venture Company to deliver regeneration and development in the district.

The new company, Craven Barnfield Regeneration Ltd, will aim to improve the economic, social and environmental wellbeing of Craven, enabling the development of new employment and housing land across the district.

Barnfield has already been successful in similar partnerships with other local authorities, including Pendle, Burnley, Rossendale and Hyndburn.

Councillor Patrick Mulligan, Craven District Council’s lead member for Financial Resilience, said: “This is a great deal for the residents and businesses of Craven – for every £1 invested by the council, £2.33 will be invested by Barnfield.

“This new partnership will bring more investment into Craven, maximise returns for the tax-payer, and help develop much-needed housing and employment provision more quickly.

“We’re very pleased to be working with Barnfield, who also have considerable experience of working with third party funding organisations such as Local Enterprise Partnerships, the Heritage Lottery Fund, and the Homes & Communities Agency. This will help bring in more funding to regenerate some of the more difficult areas.

“We are of course mindful that we live in a beautiful district and any regeneration or development will be carried out with great care and in consultation with local communities."

Tim Webber MBE, Chairman and Managing Director of Barnfield, said: “We’re delighted to be working in partnership with Craven District Council as we’ve found that our partnerships elsewhere have proved to be of great benefit to communities.

“In Pendle, for example, the Borough Council’s joint venture partnership has to date built a state of the art Arts and Entertainment Centre, carried out three commercial and retail developments, restored and brought three derelict heritage buildings back into use (such as a the current £32 million Northlight former mill development), restored 80 Victorian terraced houses and built 72 new homes with 67 more in construction.”

The Joint Venture is currently working together on a full appraisal of all Craven District Council-owned assets to develop a prioritised pipeline of potential housing and commercial regeneration projects. Third party sites will also be considered.

Where the council provides land for a scheme, it will be compensated by a capital receipt equivalent to the residual land value. Barnfield and Craven District Council will also receive a share of income and profit from the development of any buildings constructed, which will be recycled within the JV and used to develop further areas of Craven.

Craven District Council holds 30 per cent of the company and Barnfield holds 70 per cent, but both parties will have equal voting rights. The initial term of the partnership is for 15 years.

Any decisions taken by the Joint Venture Strategic Partnership Board relating to council or third party assets will go before the Council’s Policy Committee for approval. Any planning decisions will also go through the normal planning procedures. Each project will be independently assessed and a Value for Money report will be produced.

The company will be managed by six key personnel: Councillor Patrick Mulligan, Paul Ellis, the council’s Director of Services, and David Smurthwaite, the council’s Strategic Manager, along with Barnfield’s Chairman & Managing Director Tim Webber, Finance Director Andrew Couper, and Contracts Director James Webber.