Durham Road Schools PFI
North Consulting Limited, a specialist project finance consultancy and part of the Equity Solutions Group, led a multi-disciplinary team providing lead, legal, financial, facilities management, technical and risk advisory services to Newport City Council on a PFI project to procure a new primary school in Glebelands, Newport. The specialist legal services were provided by Devonshires.
The private sector partner was a consortium led by Vinci Investments and the building contractor was Norwest Holst.
The existing school premises was an out-dated Victorian building and the school was overcrowded and over-subscribed with no dedicated playing fields for the children. The new building was required to provide modern, fit-for-purpose facilities with space for the required pupil intake.
The project was stalled several times during the procurement phase due to the escalating costs of remedial works on the site. However, North Consulting, together with the Council and the Welsh Assembly Government, worked to find a cost-effective remedial package allowing the project to go ahead.
