Plans to build more than 100 low cost homes to buy have been announced by Hammersmith & Fulham Council, as they name Stanhope as their JV partner for housing development.
Stanhope has been named by the council as its preferred bidder as it looks to form a 15-year 50:50 Joint Venture which aims to deliver more than 300 homes in the next five years.
It is expected that a contractual agreement will be reached with Stanhope by the new year. In the meantime, the council intends to hold Berkeley Group and Barratt London as reserved bidders.
The Council has initially identified two development opportunities comprising residential sites which are in its ownership in Fulham – Watermeadow Court Estate and Edith Summerskill House.
It is expected that in the first phase of development around 120 of the redeveloped homes will be affordable intermediate housing sold at a discounted market rate.
By working with a private developer through a joint venture, the council says it will be able to retain greater control over what the land is used for and make its housing assets work much harder. The council will also receive a share of the development profits.
H&F Cabinet Member for Housing, Cllr Andrew Johnson (who will be speaking at Place West London on October 22) said: “The key to solving this country’s housing crisis lies partially in the hands of local authorities who have the ability use their land assets much more astutely and proactively to drive forward development, housing supply and economic growth. If other councils were to follow our lead, schemes such as this could deliver tens of thousands of much-needed new homes across the country.
“We have some of the most expensive housing in the country and there are literally thousands of hard-working, local people who cannot afford to buy their own homes here. We are determined to redress the balance so they can fulfil their housing aspirations without leaving the borough and create a genuine ladder of housing opportunity.
“Not only would this proposed joint venture partnership see construction of more than 100 low-cost-homes-to-buy, but the council will also be able to ensure that the proceeds are ploughed back into similar schemes, estate improvements and reducing our £200 million of housing debt.”