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Bournemouth council to spend £23m on ambitious housing programme
BOURNEMOUTH council is to embark on an ambitious house-building and buying programme, thanks to a partnership with Legal and General.
Around £23million will be spent in the next three years, buying privately-owned homes, building new council houses and purchasing newly-built housing development schemes.
The council hopes this will ease the waiting list for council housing, support the local economy and, in the long-term, make them money.
The next phase of the partnership will seek to address the increased pressure on adult’s and children’s social services, in particular new dementia care facilities and a review and rationalisation of former Care South sites.
By going into partnership with Legal and General, the council could potentially access up to £300m by 2025. This will enable the council to undertake major projects that it could not afford on its own.
It is also an attractive investment prospect for Legal and General, at a time when traditional investment opportunities are performing poorly.
Cllr Robert Lawton, cabinet member for housing, said: “This money will make a major difference to our housing needs within the Bournemouth area and it will certainly make a major contribution to our affordable housing.
“It’s one of the best and most significant papers we have ever had come before cabinet.”
And council leader John Beesley said: “This marks a step change in what we are trying to do in Bournemouth, particularly around housing.
“We are only able to do it because of the potential partnership with Legal and General who as a pension fund require continuity of income and are struggling to find it in their more traditional markets.”
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