1. Working with GMPF
The pension fund willing to share return from day one
The Council’s investment - land value considered as equity.
Could take up GM Investment Fund - loan for development finance
Comfortable with sharing the sales risk
We can extend Matrix 1 JV (but we may want to consider setting up a Matrix 2 JV)

2. What are the delivery options?
For HIF 1 - used the HCA’s Delivery Partner Panel Framework to procure and appoint:
Technical Adviser (GVA)
Sales and Marketing Team (Plumlife)
Development Contractor (Wates Living Space)
The Management Company (Places for People) was procured by the Pensions Fund property advisers, GVA
HIF 2 Consortium approach? Test the market

4. Progress to Date
High level feasibility work to identify site constraints - completed the following work:
High level financial modelling
Full legal title review
Site investigations carried out
Planning briefs to help guide the design/layout
The Pension Fund has also highlighted their interest in using Matrix Homes as a vehicle for other Greater Manchester Authorities using the model to build homes across the districts:
Rochdale Borough Council were initially keen to add 4 sites using the HIF model – questions around the financial viability of their proposal
Option for other districts to become involved.

5. Progress to Date February Executive approved:
Develop the existing joint venture Matrix Homes Limited Partnership or set up a second joint venture with the Greater Manchester Pension Fund (should this provide better legal or financial options)
Agree the terms of the new investment with the Pension Fund
Dispose of the 5 sites to the joint venture at market value

6. Next Steps Site Layouts - Architect
Agree Financial Model with GVA and Pension Fund
Site Layouts - Architect
Project documentation drafted and signed off
Risk workshop
Soft market testing with development contractors
Confirm delivery options – as before or consortium approach?
Enter into formal agreement with the Pension Fund
Ongoing discussions and financial modelling with the Pension Fund on likely investment returns

7. ANY QUESTIONS?
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