Cambridge City Council teams up with Hill to create the Cambridge Investment Partnership
We are proud to announce that Hill Investment Partnerships, one of our subsidiaries, has been selected as Cambridge City Council’s partner to create the Cambridge Investment Partnership, in a bid to tackle to the affordable housing shortage in the city.
The partnership will be owned equally by Hill and Cambridge City Council, and will work to fund the development of council-owned land to provide a range of market and affordable housing, with commercial and community uses being considered on a site-by-site basis.
The council will invest in land it already owns using allocated funds from the General Fund, and we will in turn fund land and the costs of working up planning applications.
Director of Hill Investment Partnerships, Ernie Battey, said:
“We are delighted to have been selected as the city council’s Investment Partner to create and deliver a whole range of opportunities across this amazing city.”
“By combining our joint resources we will be tackling the housing shortage across Cambridge with a focus on maximising value for the council whilst maintaining excellence in design and ‘placemaking’. Affordable housing is in short supply across the city and we aim to make a real difference in tackling this issue by providing new homes, which in many instances will change people’s lives.”
Councillor Kevin Price, Executive Councillor for Housing, said:
“Forming the Cambridge Investment Partnership is another innovative way in which the council is meeting some of the key challenges facing Cambridge, especially the severe shortage of affordable housing and the reduction in our funding from the national government.
“The partnership will allow us to develop General Fund land already owned by the council to provide new housing, and reinvest future revenue into providing the services that residents most need. We also remain committed to identifying sites using our Housing Revenue Account to redevelop as 100% council homes wherever possible.”
“We look forward to the partnership being very successful. Along with the £70m grant to be given to the council by the government as part of the recent Cambridgeshire and Peterborough devolution deal, plus Right To Buy receipts, we will now be able to provide more of the much-needed housing the city desperately needs, in the coming years.”