Ealing Council has agreed to consider a loan of £165million to its wholly- owned housing subsidiary, Broadway Living, to build more homes to meet rising demand in the borough.
The council says it wishes to build new homes over a range of tenures and price points – and Broadway Living is a new delivery vehicle for achieving this.
Broadway Living is creating a business plan to set out its proposed future development objectives over eight different sites – the £165m loan would enable Broadway Living to create 760 new homes across the borough.
Since October 2013, it has delivered ten new homes for market rent and 32 new homes for intermediate rent.
Broadway Living is also leading the renewal of the Copley Close and High Lane Estates in Hanwell – when completed, 550 homes will have been refurbished, with 280 new homes being built. A proportion of these will be retained for market rent, discount market rent and sale.
The revenue from this will then be used to subsidise the development of more housing.
In addition, Broadway Living is set to enter into a partnership with the company chosen to redevelop the existing council headquarters site of Perceval House in Ealing Broadway, which is expected to deliver around 200 new homes.
The council is also using Broadway Living to partner with private developers to deliver discounted market rent units, as part of their Section106 obligations.
Cabinet Member for Housing, Councillor Jasbir Anand, said:
“The cost of housing is a major issue for our residents – and increasing numbers struggle with finding somewhere to live.
“Our ambition is to build more good-quality homes at a variety of price points – we have been working successfully with developers to achieve this, but we want to do more.
“Broadway Living has already demonstrated its ability to work creatively and efficiently to help us to achieve this – and I am excited at the possibility of their expansion across the borough.”
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