Issued in response to a media enquiry: Cambridge Investment Partnership was established to address the housing need in Cambridge by delivering high sustainable new council homes, market sale homes, commercial and community facilities. At Ironworks and Timberworks, the partnership is providing over 230 new council homes to those already living in the city, including those most in need.
The private sale properties were marketed on a ‘locally first’ basis, then nationally for those that didn’t sell. As a result of the uncertainty caused by Covid, local sales came to a standstill in early 2021. Cambridge is an international city so following significant interest from British nationals based overseas, particularly BNO passports holders from Hong Kong who were looking to relocate to the UK, two events were held in Hong Kong, after both developments had been on sale for over six months in the UK. Sales were restricted to individual purchasers rather than allowing bulk sales of properties to ensure we create a mixed and balanced communities.
There has been no overseas marketing since Autumn 2021, and we have been actively promoting Help to Buy and Deposit Unlock schemes to encourage local buyers.
At Ironworks, Mill Road we are nearing the completion of the 238 new homes of which 118 council homes are being built, with 114 private sales already achieved and 54 new council homes occupied. At Timberworks 295 homes are being built delivering 118 new council homes with 115 of the 177 market sales homes sold so far.
Through the sale of the private homes, Cambridge Investment Partnership is generating income for the council in times of austerity as well as being committed to meeting the housing needs of those most vulnerable in the city.
The executive councillor leading on this matter is Cllr Mike Davey (Labour) Executive Councillor for Finance, Resources and Transformation. Spokespersons from the other political groups on this issue are Cllr Tim Bick (Liberal Democrat) and Cllr Naomi Bennett (Green/Independent Group).