Portsmouth’s cabinet approves council-owned property company
0Portsmouth City Council’s cabinet members approved plans yesterday to set up a council-owned company called Ravelin to develop sites across the city.
Five initial sites have been selected, subject to planning approval, for more than 200 homes, with the council aiming to provide a mix of homes to be let at affordable rents and properties for private sale.
Setting up property companies allows councils to avoid the restriction which allows them only to build homes for social or affordable rates.
By building mixed developments, Portsmouth is looking to provide social and affordable rentals more cheaply than it could through building them on their own, due to economies of scale.
The council also hopes to make money through the properties it develops for private sale, money which will then be used to fund some of its services.
Cllr Darren Sanders, the council’s Cabinet Member for Housing, said: “Portsmouth needs to deliver new homes that residents can afford but we are limited as a council in how we can provide housing on land the city council owns.
“Ravelin will give us exciting options to look at a wider range of homes.”
The recommendation from the cabinet goes to the council on 19 March to vote on.
