Nuplace helping to support frontline Council services
Telford & Wrekin Council’s cabinet will hear that Nuplace has generated a pre-tax profit of £274k to the Council, and in doing so is helping to support frontline services.
Nuplace is the company delivering the Council’s Housing Investment Programme, and building a portfolio of properties for private and affordable rent across the borough.
Nuplace has been operational for just over two years, with 2016/17 having been a key year in which the company moved from the purely developmental to the operational phase of the programme.
The report to Cabinet, says that over the past two years Nuplace has:
•Developed, and fully let, 136 houses for private rent at Pool View (Randlay), Woodlands Walk (Madeley) and The Oaklands (Dawley).
•Commenced development of a further 154 homes at The Oaklands, (Dawley), Miners Walk (Madeley), Blossom Walk (Hadley) and Springfields (Newport), bringing the total number of homes developed or in delivery to 290. This includes the development of 36 affordable homes across two sites, including a fully affordable scheme in Newport, one of the least affordable parts of the borough.
•Pre-let over half of the properties on The Oaklands and Miners Walk, despite these sites not due to be complete until May 2018 and September 2018 respectively.
•Delivered a profit before interest and taxation to Nuplace for the year ended 31 March 2017 of £438k, and £274k after interest but before taxation.
•Through construction contracts for those sites completed, or in delivery, stimulated growth in the local economy amounting to £77.7m. Nuplace have worked hard with appointed contractor Lovell to develop a comprehensive local supply chain, resulting in between 79 and 93 per cent of investment being within a 30 mile radius of the six development sites.
•Worked with Lovell to support employment and training in the local economy by providing 40 weeks of work placements, 314 weeks of apprenticeships and 33 weeks of graduate training. In doing so the programme has supported seven Lovell and 29 Sub-Contractor apprenticeships, one trainee surveyor, two management trainees and one sales advisor.
•Regenerated 20 acres of brownfield land, across six sites in the borough.
Councillor Lee Carter, Telford & Wrekin Council cabinet member for finance, commercial services and economic development, said: “It is great news that Nuplace is fulfilling its goal of providing good quality, affordable rented housing for the residents of Telford. Driving up standards in the private rented sector in Telford is a key aim of ours. The fact that Nuplace is performing well financially and is helping to support frontline services at the Council is also a huge positive.
“We’re committed to Nuplace as there are significant benefits for residents being able to rent a good quality home on a secure basis with an attentive and dedicated landlord. We’re keen to make Telford the best place it can be to live, work, visit and do business for the benefit of all residents.”
The report will be considered by the Council’s Cabinet on Thursday 29 June 2017.