Nuplace announces pre-tax profits
Rental housing provider Nuplace – the limited company owned by Telford & Wrekin Council – has announced pre-tax and pre-final audit operating profits of £500,000 – up by 43% on the previous year.
The increased profit will be reinvested by Nuplace in order to develop two further rental sites at Snedshill and Dothill and into its current property portfolio of 330 homes which are all less than 3 years old.
Nuplace which is now in its fourth year has created 329 homes for private rent across seven sites – including 42 affordable homes in Newport, Hadley and Snedshill.
A report to the council’s Cabinet, which meets on 30 May, also states that Nuplace generated last year £1.2 million net income for the Council. This income is used to help support services such as looked after children and adults. The council is also benefitting from Council Tax and New Homes Bonus on the properties created by Nuplace.
Councillor David Wright, Telford & Wrekin Council’s cabinet member for Housing, said: “Nuplace is a great success story for Telford & Wrekin Council – the housing investment programme is not only regenerating “brownfield” land in a range of areas across the borough but it’s also putting funds back into frontline services in an extremely challenging financial environment for local government.
“With new developments on the horizon Nuplace is looking forward to creating more housing options for residents and increasing the number of suitable houses for rent in the area for both residents and those who are looking to move into the borough to live and work.”