Green light for new local authority owned trading company to allow new homes to be built and managed by Kingston Council
Kingston Council is working to ensure new high quality private rented homes are built in the borough, managing them through a new subsidiary trading company and ensuring quality services for tenants.
Plans to set up a new council run trading company (subject to Full Council approval in April) to manage 79 new homes in Hampden Road in Kingston, were given the green light at the Finance and Partnerships Committee last week (13 February).
The council will partner with Legal and General (L&G) Plc to develop the site and construct the new homes. Once complete in Autumn 2021, it will provide a mix of 1, 2, 3 and 4 bed units, a Police office, a residents work hub, 47 car parking spaces, 184 private cycle parking, 6 public cycle spaces as well as communal spaces including play areas.
Councillor Liz Green, Leader of Kingston Council, said: “There are many benefits to the council and local residents from this proposal.
- As a landlord, the council can ensure that the tenants of both affordable homes and now market rent ones, are treated fairly and given a better service than they might find elsewhere in the private market.
- Over the 40 year lease period, the council will receive an income that will be used to help protect services for all residents, especially our most vulnerable.
- After 40 years, the homes will revert to the council’s freehold ownership, adding much needed homes to our housing stock.
- It will ensure that the community facilities - a Police office and workspace hub - are developed for the benefit of residents.
I think this is a great decision for Kingston as it will not only help meet our housing targets set out in the London Plan but also allow us to build the vital homes and facilities our community needs.”