Earlier in April the Cabinet of Bexley Council approved the creation of a new development company. This entity will be wholly owned and controlled by the local authority. The aim is to use this to drive property investment in the Borough, ensuring that it delivers the maximum benefits. It will also support the Council’s own growth strategy.
The new company will be known as BexleyCo. It will take a little bit of work to establish it as a formal entity. This should be done by the summer, allowing the company to begin business.
More and more local councils have been setting up their own development companies over the past few years. The popularity has risen because of the high demands for development and the need to deliver the best results for the funds and assets that are being invested. In addition councils will no longer receive grant funding in 2020 so other solutions are needed.
BexleyCo will originally be funded by loans from the council. These will be supplemented by income from investments in the future though. Profits made on projects will also be reinvested, helping to create more housing and regenerating more of the Borough.
The news is a positive for the future of developments in the area. BexleyCo will allow projects to be delivered much faster whilst also ensuring the Council retains control over the decisions. You can expect the pace of the development strategy to accelerate too.
At Finefair we understand the value councils can gain by setting up their own development company. As a leading provider of estate management in Bexley we will be on hand to help investors who want to arrange lettings for properties, including new ones created as a result of the developments. We manage all homes effectively, even taking on the challenges of managing estates and blocks.
If you have any questions for us please get in touch. We are happy to offer advice and share the knowledge we have acquired over the years.