Focus E15 Hostel bought by Newham Council to help ‘most vulnerable residents’
PUBLISHED: 16:26 21 April 2016 | UPDATED: 16:26 21 April 2016
Hundreds of temporary homes are to be offered to the homeless after the council seized an “excellent opportunity” to buy the Focus E15 Hostel.
Newham Council said Brimstone House, in Victoria Street, Stratford, will – following a change of name – be used to provide homes to “those who need them most”.
Mayor of Newham Sir Robin Wales said the deal – the cost of which the council has not disclosed – guaranteed against the “significant risk” of the building being “lost” to private developers.
“We are at the acute end of London’s housing crisis with a desperate shortage of affordable homes in the borough,” he said.
“This building has had a difficult past and now that we own it, we can carefully manage it.”
He went on to say the benefits the council will reap are “myriad”.
“The profit we make from our investment will provide much needed funds to protect services that matter most to our residents,” he explained. “However, this investment is about much more than making money – the social implications are huge.
“We cannot turn down this unique opportunity which makes both financial sense at the same time as helping some of our most vulnerable residents.”
The building, which was previously owned by East Thames Housing Group and consists of 210 self-contained units, was known as the Focus E15 Hostel and was home to many of the young mums who started the housing campaign group.
The council said the purchase also represents a “future investment” as the building is expected to increase in value over the next 10 years.