# Housing Annuity Leaseback Model Phase 2

> Contract award record from UK public-sector procurement sources.

## Key facts

- Public buyer: [Newcastle City Council](/buyers/newcastle-city-council/contract-awards)
- Contract winner: TOLENT CONSTRUCTION LIMITED
- Award value: £22,481,981
- Tender value: £25,000,000
- Award date: 17 October 2019
- Published: 30 October 2019
- Contract start: 18 October 2019
- Contract end: 30 September 2024
- Stage: awarded
- Procurement category: works
- Notice ID: 38b58553-ea86-4d44-997c-1e7274cc2dd0-322745
- OCID: ocds-b5fd17-392a1475-b19a-4e1b-982a-b4aea34e1c74

## Description

Newcastle Council wishes to invite organisations to finance, design and build and fit out new homes on specific sites and to certain standards and specification which the Council will lease back for a set period of time under an Annuity Lease Back Model 'ALBM',\. At the end of this period of time all property and assets will revert back to Council ownership\. By leasing the properties back to the Council the partner will secure a long term fixed return for the investment\. There are 199new homes \(including Assisted Living apartments, Tyneside flats and bungalows\) on 8 ites across the city envisaged for inclusion\. This will deliver older persons housing, and an assisted living scheme\.

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## Source

[View the original notice on Contracts Finder](https://www.contractsfinder.service.gov.uk/Notice/38b58553-ea86-4d44-997c-1e7274cc2dd0-322745)