South Cambridgeshire District Council is considering a
huge expansion of its commercial housing arm in an attempt to offset government
funding cuts and could invest £100 million to purchase properties over five years,
raising its rentals portfolio to 500 homes. The authority set up Ermine Street
Housing in 2014 and invested £7 million in property to rent as an “ethical
commercial landlord”. The company now owns 34 properties worth a total of
£6,837,970 providing homes for people who cannot get an affordable housing
tenancy, but have found it difficult to rent in the private sector. The
expanded company would remain entirely owned by the council and generate a
predicted £600,000 a year for the council by the end of year two, according to
a council report set to be considered by cabinet members on November 12. Read
more on the South Cambs Council website.
