London borough approves council-owned development company

PLANS for a new council-owned development company have been approved by the Royal Borough of Kingston upon Thames.

The decision to set up the company, which will take on activities including property development, investment and trading, follows similar moves by other London boroughs including Croydon, Newham and Sutton.

"With an ever-increasing population, we want to ensure that we have the infrastructure to support growth and make it a success for our royal borough. It makes financial sense to start our own development company, being proactive in our approach to sensitive growth within Kingston," said council leader Cllr Kevin Davis.

"One of the opportunities that this company offers us is the ability to deliver much-needed homes for sale and rent in Kingston but also generate an income stream for the council in the face of huge central Government funding cuts."

Kingston's development company was approved at Growth Committee.