Laura Sharman 18 February 2020

Council gets ‘green light’ to set up trading company

Council gets ‘green light’ to set up trading company image

Plans to set up a new council-run trading company to manage 79 new homes in Kingston have been given the go ahead.

The decision was taken on 13 February by Kingston Council’s Finance and Partnerships Committee.

The council will partner with Legal and General (L&G) Plc to develop the site on Hampden Road and construct the new homes.

Once completed in Autumn 2021, it will provide a mix of one, two, three and four bed units.

It will also provide services and facilities such as a police office, a residents work hub, 47 car parking spaces, 184 private cycle parking, six public cycle spaces, and communal spaces including play areas.

Cllr Liz Green, leader of Kingston Council, outlined a number of benefits to setting up a trading company.

‘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,’ she said.

Over the 40-year lease period, the council will also receive an income that can be reinvested in services and after this period the homes will revert to the council’s freehold ownership, ‘adding much needed homes to our housing stock’.

The trading company will also ensure that the community facilities - the 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,’ she added.

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