A block of flats, consisting of 10 two-bedroom homes and four one-bedroom properties, have been built by Livingston Homes on the site of a redundant building in Radnor Park Road with the help of substantial loans from the NUE scheme.
KCC had worked with the company through director Leo Griggs previously on refurbishment properties in the town. To facilitate the flats development, it agreed to make interest-bearing loans released in two phases totalling £810,000 towards total build costs of £1.3million, with a secured first charge on the site. The works were carried out by Alliance Building, another Folkestone-based company.
This was one of the first loans to be approved under the NUE new-build scheme funded by KCC Treasury Investment Funds. The loan and interest were repaid in January.
The flats have now been acquired by Folkestone and Hythe District Council which has already let them at affordable rents to families on its housing waiting list.
Derek Murphy, KCC’s Cabinet Member for Economic Development, said: “This was a major project with a large investment from our No Use Empty scheme and I am delighted with the outcome – brand new homes for 14 families on the district council’s housing waiting list. It means success all round for the parties involved.”
For further information, visit the NUE website: https://www.no-use-empty.org.uk