Joint venture to unlock London housing sites
Thu 8th November 2012, 10:56 am
Hammersmith & Fulham Council has announced plans to enter a joint venture to provide more than 500 homes on its own land.
The council said that its arms-length housing company would look to partner with a private sector company, which would provide development finance. The initial lifespan of the vehicle would be 15 years, and would initially see building on two sites in Fulham – Watermeadow Court Estate and Edith Summerskill House.
Andrew Johnson, cabinet member for housing, said: “Local authorities have a key role to play in unlocking new housing growth, so we’re maximising our housing land estates to provide much-needed new homes and generate cash to invest in our existing stock."
The council said that profits raised would be ploughed back into similar schemes, estate improvements and reducing the council’s £200 million of housing debt.
It said that if the sites were to be sold on the open market, the council would be likely to receive far less money and retain less control.