One of the first properties acquired by Hounslow Council’s new trading company, Lampton 360, has been let.
A family have moved into the house in Feltham and the council is planning further developments by Lampton 360, is wholly-owned organisation, as it looks to deliver on its commitment to provide good quality homes.
The council recently set up the new trading company to reduce reliance on conventional funding processes. Through Lampton 360 the council says it can take a more commercial approach to improving services and generating income.
Lampton Development 360, a subsidiary of Lampton 360, will purchase land and develop new housing. Up to 1,366 new properties have already been planned over the next 6 years with 40 per cent affordable, 20 per cent for private rent, and 40 per cent for private sale.
To help reduce the need for temporary accommodation such as bed and breakfast to house people, Lampton Investment 360, another subsidiary of Lampton 360 has also been established. Lampton Investment 360 will purchase up to 175 properties over the next three years to increase the number of homes the council have to offer for rent.
This will help the council to reduce the use of temporary accommodation.
Councillor Steve Curran, Leader of Hounslow Council, said: “Lampton 360 is pleased to announce the first of these properties has now been acquired and let to a local family with two children.
“This is the start of a portfolio of properties that will be acquired and held by Lampton Investment 360 Ltd which will act as a private landlord, offering subsidised housing to meet the housing needs of local individuals and families for Hounslow.”