Executive Mayor of Mansfield Andy Abrahams has taken a decision on the future of a property development company set up by the council.
Mansfield Homes Ltd was set up in 2014 with the aim of building about 220 two to five-bedroom homes to sell on the open market to help meet housing demands in the district as identified in the draft Local Plan and generate income to pay for council services.
It used a £8.8m loan from the council, to fund its first project to build 23 executive homes.
Now, it has been revealed, once the properties in the company’s first project, Wildflower Rise, have been sold and the loan to the council repaid and all profits from the company shared back to the council, the company will cease trading. It will remain listed with Companies House as a dormant company.
Jill Finnesey, Head of Housing at the Council, said: “The focus of the council is currently to concentrate on providing more affordable housing with the announcement of plans to build 300 council homes for rent and shared ownership over the next four years.”
Work on the Wild Flower Rise homes is scheduled to be complete in the new year.