More than 400 new homes to be built in Norfolk
- Credit: PA
More than 400 new homes are to be built in Norfolk over the next three years, as County Hall begins building and selling houses for the first time to raise millions of pounds.
Last year, Norfolk County Council set up its own property company called Repton, specifically to 'exploit' the value of County Hall's assets.
The company was set up to use land deemed surplus to the council's needs to build homes on, with the thinking that the profit made will go back into the authority's coffers to help head off cuts to services.
But the pace of the process was questioned by opposition councillors at a recent full council meeting - and bosses have now announced that it has appointed Norfolk-based developer Lovell to build the homes in Acle, Hopton and Attleborough.
The council owns the freehold of the sites and Repton Homes will have to pay the open market value for them. The council would loan Repton Homes the money, but says the terms of the loan are commercially confidential.
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The council says the amount of money it will pay Lovell to build the homes is also commercially confidential.
Barry Stone, chairman of Norfolk County Council's business and property committee and Repton Property Developments chairman, said: 'Repton was created to maximise income from Norfolk County Council land that we no longer need for its current use and ultimately generate revenue for the council.
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'At its board meeting on Thursday, Lovell was chosen as the preferred development partner. As a local company with an excellent track record of delivering quality housing schemes both locally and nationally, it was regarded as the best choice. The first development for the partnership will be at Acle followed by housing developments at Attleborough and Hopton in due course.'
Lovell regional managing director Simon Medler says: 'We are excited to have been selected as Repton's development partner for this major new-build homes programme.'
The council says, when it comes to affordable homes, the developments will be policy compliant. So at Acle, in Broadland, where the level is set by the district council at 33pc it would be at 33pc. Affordable levels vary from district to district.