O'Rourke backs first privately funded council homes

Published:  22 February, 2012

LONDON: Barking and Dagenham Council has signed a deal to privately fund 477 new council homes at two sites in the town centre.

Working alongside Laing O'Rourke, its investment arm Explore Investment, and institutional asset developer Long Harbour, the council has secured £76m of private funding for two council housing projects.

Laing O'Rourke will build the homes under a deal that is entirely self-financing from the rents paid over the term of the lease.

At the end of the lease period, all the properties in the William Street Quarter site and the Eastern End of the Thames View will automatically transfer to council ownership.

Cllr Phil Waker, cabinet member for Housing at Barking and Dagenham Council said: "Not only will we see almost 500 new affordable homes built in prime sites which local people can and will be able to afford to rent, we are one of the very few local authorities that is currently building council housing under our own investment programme. We believe we have a strong record to be proud of".

The first dwellings will be available for take-up in about 18 months time, with the entire scheme expected to be completed within three years.

Sign Up

For the Builders' Merchants News enewsletter.

In the spotlight


Builders Merchants Vacancies – UK Wide

At Arco, we are an industry specific recruitment consultancy, providing sales and managerial staff Nationwide to Merchants, Distributors and Manufacturers of Building Materials within the Construction Sales Sector. Priding ourselves on our unparalleled customer service and hard work, we offer a fresh, innovative and personal approach to recruitment specifically designed to meet our clients’ needs and candidates’ skills.

Guest Blog by Simon Damp

Is DIY a lost art?

As time goes by, the art of do-it-yourself when it comes to activities around the home and garden is fast becoming more and more of a lost art.