Canning Town homes revamp
AT least 142 empty homes in Canning Town and Custom House are to be refurbished and offered for rent in a deal agreed by Newham Council.
Under the move Theori Property Services is to be awarded a contract to offer tenancies for homes in Canning Town North, Canning Town South and Custom House for a period of up to seven years.
The properties have been vacated to prepare for demolition as part of the Thames Gateway �3.7billion regeneration of the area.
More homes could be added to the scheme, which is to be geared towards Newham residents on low incomes, should they become available.
The project is designed to ease the borough’s housing shortage, while combating squatters and vandals who have targeted the vacated homes.
Newham Council estimates that the scheme will recoup �278,000 annually by generating Council Tax revenue and providing savings on security and legal costs incurred while managing the vacant properties.
Handing over the temporary ownership of the 142 homes to Theori Property Services is expected to cost the council �38,000 in Stamp Duty Land Tax, which will be met within the existing budget.