Hundreds of new homes are to be delivered across the borough by a new development company, Brick by Brick Croydon Limited, which has been set up by the local authority.
New affordable and private for sale properties will be delivered as the council aims to transform and accelerate the delivery of new homes and improve the housing stock across the borough.
Brick by Brick is a private, independent company, with the council acting as sole shareholder. It aims to deliver high quality new residential-led development on a range of sites across the borough. Development profits will be returned to the council as shareholder and recycled to fund council activities.
The programme is already well underway and a variety of award-winning architecture practices are working up planning applications to be submitted in the coming months. The goal is to deliver more than 1,000 new homes across the borough by 2019. In many cases, the developments will be complemented by new, fit-for-purpose community facilities.
Colm Lacey, managing director and CEO of Brick by Brick, told the Croydon panel discussion at MIPIM 2016: “You’ve heard a lot about some of the major opportunities in the metropolitan centre of Croydon but equally we’ve got a lot of opportunities in our district centres particularly around in-field sites.
“Brick by Brick will be taking forward around 50 of those sites through planning this year, potentially delivering around 1,200 new units of housing – many on a small-scale of 30 to 50 unit sites that the council will bring forward itself.
“Development finance comes from the council. Equally the land is sold into the company from the council so the council sees itself bringing forward housing and taking a very direct role in the delivery of housing particularly on smaller sites across the borough.”
Brick by Brick runs alongside the council’s plans for developments at College Green and the Taberner House site which combined have the potential to deliver around 2,000 new housing units.
Councillor Alison Butler, deputy leader and cabinet member for homes and regeneration, said: “This shows our commitment to building and improving homes across the borough. Brick by Brick is an innovative way of meeting our housing need and it will help us to make better places to live for our residents.”
Mr Lacey said: “One of the greatest challenges for Croydon, along with the rest of London, is the provision of new, affordable homes.
“The borough’s population is rising and ‘business as usual’ is not an option. The aim of Brick by Brick is to ensure Croydon people have access to high quality housing and that the full value of development growth is kept in the borough – whether in the form of additional affordable housing, physical improvements in the local centres or dividend return to the council to fund council services.”
The authority also has plans for significant investment in cultural, community and leisure facilities across the borough including a £30m investment in Fairfield Halls and a new leisure centre at New Addington.