PROFITS from the Poole Carters Quay development could be used to support affordable housing projects in the future – even though the 161-flat council scheme has no affordable homes.

Councillors have now backed the project with a start expected to be made next spring and the project breaking even within four years.

Deputy BCP council leader Cllr Philip Broadhead said the development would help rejuvenate Poole and protect public access to the waterfront between the two bridges.

He told councillors at their full meeting on Tuesday evening that with an expected £40m profit from the scheme over its 50-year life, some of that cash would be used for affordable homes elsewhere in the area.

But there remains some doubts about the finance of the scheme, which will be largely paid for by council borrowing, based on projections some councillors continue to question. The full costings for the project have remained secret, the council and its housing company, Seascape, claiming commercial confidentiality.

One report has put the ‘profit’ at £26m over the life of the project while at Tuesday’s meeting it was claimed that even a slight variance in costs could add £2m to the bill.

Cllr Mark Howell said the site had been “hawked around” for 2-3 years: “Nobody has bitten, but the council has been the only one gullible enough to bite,” he said. He claimed that the site valuation had come from the people who were selling it with the council rejecting the idea of taking outside independent advice on the market value.

Cllr Broadhead told the meeting it was time to deliver, not endlessly talk about rejuvenating Poole while at the same time offering homes for local people with the council owning an important asset at the end of the 50-year agreement – as well as making a profit.

He said that with the council behind the scheme there would be more security for those renting the flats, more control over rental levels, and a guarantee that the area would be re-developed, which he believed would encourage further investment into the area.

“The time for thinking has passed…now is the time for action,” he said.

Several opposition councillors have continued to question going ahead with the building using plans drawn up more than five years ago which include gas boilers at a time when the Government has said it wants them phased out.

Cllr Broadhead told the meeting that changes were beings discussed to ‘future-proof’ the flats. He also rejected a plea from Cllr Tony Trent to use “hot rocks” said to be underground in Poole to heat the building – using technology similar to that being used in Southampton. He said that would only add delay and extra cost.

The build to rent scheme will be operated via the council’s wholly owned company, Seascape Homes and Property Limited.

The council approval covers the acquisition of the Carters Quay site, gives backing to the undisclosed purchase price and allows for a 50-year lease to Seascape.

The scheme is designed across four blocks consisting of 62 x 1 bed, 96 x 2 bed and 3 x 3 bed apartments.

A council document says: “The range of accommodation is aimed at young professionals but can accommodate differing needs and it is proposed that all the homes in the scheme will be offered for rent at market rates.”

Included in the development is almost 850square metres of commercial space and 168 car parking spaces, although these are likely to be reduced in number.

Pic – Holes Bay and Carters Quay – courtesy BCP Council