Kingston’s development company gets green light
Kingston is set to boost opportunities for growth in the borough following the approval of a new council-owned development company at committee on Tuesday 7 February.
The new commercial company will take on a range of activities, including property development, investment and trading, following in the footsteps of councils such as Sutton, Croydon and Newham.
Councillor Kevin Davis, Leader of Kingston Council, said:
“This is very good news for Kingston, both for residents and the council. With an ever increasing population, we want to ensure that we have the infrastructure to support growth and make it a success for our Royal Borough. It makes financial sense to start our own development company, being proactive in our approach to sensitive growth within Kingston.
“One of the opportunities that this company offers us is the ability to deliver much-needed homes for sale and rent in Kingston but also generate an income stream for the council in the face of huge central Government funding cuts.
“This new development company offers great possibilities for our communities and our borough for years to come.“
The company will adhere to all legal requirements which apply to standard development companies, including Right to Buy and the Housing Act.
The Kingston’s development company was approved at Growth Committee.