The chair and chief executive of This Land are set to update Cambridgeshire County Council Members on the progress of its wholly owned property development company and business plan.
At the end of 2021, the Council commissioned an independent shareholder review of This Land and in March this year a report to the Strategy and Resources (S&R) Committee recorded progress made on the resulting recommendations which included a strengthened business plan with more council oversight.
At tomorrow’s Strategy and Resources Committee (Sept 30th) David Meek, appointed as Chair of This Land in May, and the company’s Chief executive David Lewis will be on hand to answer questions from Members on its business plan.
Key headlines from the 2022 plan include:
- Building approximately 930 new homes over the next 10 years.
- 396 of these houses to be affordable, with a minimum increase of 50 on last year’s plan.
- Developing plans for a further pipeline of affordable homes across the county, including analysis of where County Council owned land can enable this.
- Disposal of underperforming assets. or assets where This Land is not best place to develop
- Commitment to deliver Environment, Social and Governance policies and to work closely with the housebuilding supply chain to reduce carbon footprint to net zero.
“It’s very important to us that This Land should prosper,” said Cllr Lucy Nethsingha, Leader of Cambridgeshire County Council and chair of S&R committee. “Not only are they now promising improved environmental benefits and increases in affordable homes, but the interest received from This Land this year will enable the Council to put £6m into local services – which wouldn’t otherwise be available.
“I am pleased that that a more detailed oversight of the company by the council is now happening – which continues to ensure that there is clear and transparent scrutiny of This Land.”
In establishing the company, Cambridgeshire County Council has made long term loans to the company with an appropriate interest rate (a higher level than if the money was invested elsewhere) and £113m of these loans are still active. This Land is up to date with all interest and repayments scheduled under the loans, as well as returning £75m in capital receipts so far to the Council for the transfer of property at market value.
House sales by the company are progressing, in line with the This Land business plan – as are the planned sales of some land holdings.
“Land held by This Land which is being developed will increase its value, and as we are the sole Shareholder we ultimately benefit from the proceeds from all of This Land’s developments,” confirmed Cllr Elisa Meschini, Deputy Leader of the council, and vice chair of S&R committee.
The meeting which starts at 2pm on September 30th and will be held in the Red Kite Room, in the Council’s headquarters at New Shire Hall in Alconbury, can also be followed online.
