Nuplace celebrates three years of success
Rental housing provider Nuplace – the limited company owned by Telford & Wrekin Council – is celebrating its third year in business with a number of successes.
So far Nuplace has created 267 homes for private rent across seven sites – including 36 affordable homes in Newport and Hadley.
The Company has delivered a cumulative profit before interest and taxation of £1.5m, £683,000 after interest but before taxation, since its inception.
Further to this, the Council has benefited from £2.1m net income since Nuplace was formed in 2015, which is being used to help fund frontline services.
The council is also benefitting from Council Tax and New Homes Bonus on the properties created by Nuplace. To date this is estimated at £369,000 since 2016/2017 and is expected to rise to £756,000 per year going forward.
A report to the council’s Cabinet, which meets on July 12, says that the latest Nuplace development at Coppice Court in Snedshill was pre-let in just one month – becoming the fastest site yet to become fully reserved.
This site includes 39 two, three and four bedroom homes which are due to be completed by April 2019.
Councillor Richard Overton, Telford & Wrekin Council’s cabinet member for Housing, said: “Nuplace is already an incredible success story that is delivering outcomes that far exceed original expectations.
“It is helping to regenerate those neighbourhoods which are in need and is working to ensure that local people have access to suitable housing.
“By raising the standard of rental provision across Telford, Nuplace is supporting the council’s ambitious growth agenda resulting in major investment in the borough.
“Nuplace has also guaranteed a long term income stream for the council that is helping to protect frontline services in an extremely challenging financial environment for local government.
“Nuplace is also delivering wider community benefits. Over the past year, we have worked closely with our appointed contractor Lovell to deliver significant added value in terms of economic impact, community benefits, education and training.”
Community benefits as a result of this work have included:
•Painting and decorating of The Anstice in Madeley
•Painting and decorating of Park Lane Centre in Woodside
•Refurbishment of toilets at Newport Scout Hut
•New fencing at Hadley Scout Hut
•Gate and railing painting at Newport Cottage Care Centre
•Painting and decorating Horsehay Church
•Sponsorship of Dawley lunch for local residents
•Flooring , plastering and roofing for the BBC DIY SOS refurbishment of the Cooper family house in Trench
Lovell and Nuplace also successfully launched the Hands On Help scheme in May this year.
This was open to community groups and not for profit organisations including schools, charities and faith organisations.
It offered the opportunity to apply for free expertise, materials and labour to help transform buildings and outside spaces which are in need of improvement and received 20 applications.