Town hall buys 295 homes for £87m
A town hall has agreed to buy 265 homes for £87.5million, which it says will be let at social rents to people on housing waiting lists.
The homes, purchased from Lovell Partnerships will be built as part of the redevelopment of the former Morris Walk and Maryon Grove Estates.
The council said the purchase was a major share of its commitment to creating 1,000 new council homes in the second phase of its ‘Greenwich Builds’ programme, additional to the 750 homes being delivered in the programme’s first phase.
The homes will range in size from one bedroomed flats to four bedroomed houses, and will meet low carbon emissions criteria, with thermal efficiency measures and low energy requirements to reduce running costs for tenants.
The council will also receive three commercial units as part of the purchase, which is being funded by retained Right to Buy receipts, borrowing from the Housing Revenue Account and Capital Receipts.
The purchase will accelerate work on the entire Woolwich Estates programme, with the delivery deadline for the redevelopment of the Morris Walk and Maryon Grove Estates now set four years sooner than that specified in the Development Agreement.
Leader of Greenwich council, Anthony Okereke, said: “The redevelopment of the Woolwich Estates is a key part of our plans to regenerate the whole area, and this decision will result in a major acceleration of this redevelopment while also creating hundreds of new homes for people on our waiting list.
“We are very happy with this outcome and look forward to seeing the entire programme completed.”
Member for Housing, Councillor Aidan Smith, said: “We’re delighted at this decision, which represents a win-win for our residents, with 265 new council homes being delivered for local people on waiting lists, and an accelerated deadline for delivery of the Woolwich Estates redevelopment.
“This makes for a great start to Phase 2 of the Greenwich Builds programme, which is already creating over 750 sustainable new council homes across the borough, and will see rapid expansion in its second phase.”
Pictured top: Morris Walk in Greenwich Picture: Lovell Partnerships