Profits nearly double at Telford & Wrekin Council owned Nuplace
Profits at rental housing provider Nuplace have almost doubled over the last year.
The Telford & Wrekin Council-owned company announced its pre-tax and pre-final audit operating profits were £500,000 – up by 43 per cent on the previous year.
The increased profit will be reinvested by Nuplace in order to develop two further rental sites at Snedshill and Dothill and into its current property portfolio of 330 homes which are all less than three years old.
Nuplace, which is now in its fourth year, has created 329 homes for private rent across seven sites – including 42 affordable homes in Newport, Hadley and Snedshill.
A report to the council’s cabinet, which meets on May 30, also states that Nuplace generated £1.2 million net income last year for the council.
This income is used to help support services such as looked after children and adults.
The council said it is also benefitting from council tax and new homes bonus on the properties created by Nuplace.
Councillor David Wright, the council’s cabinet member for housing, said: “Nuplace is a great success story for Telford & Wrekin Council – the housing investment programme is not only regenerating brownfield land in a range of areas across the borough but it’s also putting funds back into frontline services in an extremely challenging financial environment for local government.
“With new developments on the horizon Nuplace is looking forward to creating more housing options for residents and increasing the number of suitable houses for rent in the area for both residents and those who are looking to move into the borough to live and work.”
Nuplace has estates across the borough of Telford & Wrekin, with more planned in the coming year.
There are sites in Randlay, Madeley, Dawley, Snedshill, Newport and Hadley.
Each development offers a selection of two, three and four-bedroom houses to rent.
Phase two of the developments ended in October last year.