Four battle over £1bn Basildon regeneration scheme

Four groups are locked in a street-fight for a £1bn deal to regenerate Basildon town centre in Essex.

The contestants are: John Laing with housebuilder Gladedale and financier Scarborough; Taylor Wimpey and developer Quintain; Lend Lease with British Land; and Wilson Bowden with Barratt Homes.

The next phase of the process will see the shortlisted groups enter into negotiations with the council and regeneration agency Basildon Renaissance, followed by invitations to tender early next year and the announcement of the winner next June.

Then the planning process and public consultations will kick in, with work on site expected to start in 2010.

The job is expected to take between 15 to 20 years to complete.

The plan is for 49,000m2 of retail/leisure floor space 53,000m2 of commercial space 4,000m2 for community use and 3,650 new homes.