Slough Borough Council could soon set up a residential company under plans to boost housing supply, local regeneration and funding streams.
According to LG news:
Officers say the Subsidiary Housing Company (SHC) would aim to build residences on smaller sites owned by the council that are less attractive to large developers.
The company would grant the council greater influence over the regeneration of such sites, while complementing the work done by the Slough Regeneration Partnership – a joint venture between the council and Morgan Sindall Plc.
Plans for the SHC are up for discussion at a cabinet meeting on 14 July.
Neil Aves, assistant director of housing and environment at Slough Borough Council, said: ‘We think setting up an SHC will help us respond better to the wider needs of the community while maximising the value of our land and assets.
‘The company would start by developing land the council already owns before acquiring new plots. As more homes were built, it would either sell them on the open market or rent them out as affordable housing.
‘If successful, the company could help resolve a number of outstanding housing issues and provide a substantial and ongoing revenue stream for the council.’
Cllr James Swindlehurst, deputy leader and commissioner for neighbourhoods and renewal, added: ‘By setting up an SHC we would be completing our armoury of tools, allowing us to build smaller residential schemes on council-owned land as well as big projects.
‘A number of redundant sites in the borough are eyesores and the construction of high standard family homes would improve the image of Slough and, most importantly, provide a further supply of much-needed housing.
‘In these difficult economic times we need to come up with more creative ways of maximising our assets for the benefit of residents and this is an exciting opportunity we can’t afford to pass up.’