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.