A Property company that has been established to create two bespoke business streams.
A property developer established to redevelop surplus local authority land, with residential and mixed use projects. Phase one of the programme has identified 11 sites, up to 844 units, approved by Cabinet in April 2016, that deliver much needed affordable housing (24% social rent, 16% intermediate), which will be sold to a locally based Register Provider with 100% nominations to the Council, 40% private sale, sold into the local housing market, and 20% private rent, which will be sold to our Investment company.
A property investor established to acquire up to 175 second-hand properties for the use in a property purchase scheme, with rents set at 90% of market rents, that will enable LBH housing team to discharge some of their housing obligations into permanent, good quality housing, with a responsible private landlord, seeking to create sustainable investments, and also to acquire up to 273 new build properties for the use of market rent, under a private rented scheme, to offer a range of housing solution to the residents of Hounslow.
This delivers a bold new and ambitious approach by a London Borough to improve the level of housing supply, and to address the level of affordable homes needed across the borough.
The development company will also bring with it, many aspects of social value, looking at economic investment in the borough, increase income to the Council, with all surplus made by both companies returned to the Council, for reinvestment in its core services, including the additional provision of more affordable homes.
It will also create employment opportunities, targeting the use of local labour and local business where possible, and establishing an apprenticeship scheme that covers its development programme, looking at both trade and professional opportunities.