Cabinet approves purchase of riverside apartment block for ‘affordable’ homes

The authority’s cabinet last night approved an ‘in principle’ bid from its property company, Northampton Partnership Homes (NPH), to acquire the new apartment block at 85-89 Lion Court in Southbridge.

Built next to the banks of the River Nene and neighbouring the University’s Waterside Campus, the Lion Court development will be made up of 15 one-bedroom apartments, 28 two-bedroom apartments and one three-bedroom apartment. There is also a commercial unit with its own separate entrance.

Councillor Stephen Hibbert, cabinet member for housing, told his colleagues: “This is an instant scheme. We’re expecting the building to be complete by February in which case we would try and complete the purchase by March and hopefully have tenants by April.

“It will have two entrances, two lifts and we’re seeking independent due diligence from chartered surveyors and fire consultants which I think is important, and the tenancies will be granted on affordable rents [80 per cent of market value].

“It will be managed by NPH through a local lettings policy and it will have a good view of the river. This is for the now and we will pursue other opportunities that come along too.”

The cost of the scheme has not been made public, but was outlined in private papers that were discussed by councillors in private prior to the decision being reached in public session.

It will be funded through the Housing Revenue Account (HRA), and once appropriate due diligence has been carried out by senior officers, they have been given delegated powers to acquire the property.

The council’s Conservative leader Jonathan Nunn added: “There’s been a number of these significant projects and we’ve almost become accustomed to them coming before us. We must not underestimate the huge amount of careful work that goes into each to get the finances right.”