Spectrum announces new commercial subsidiary
Published by Tina for Spectrum Housing Group in Housing and also in Communities
Spectrum Housing Group has announced that it plans to develop on a commercial basis through its recently registered subsidiary Spectrum Property Ventures Ltd.
Spectrum will be developing market sale projects with the aim of generating income to support the Group’s ongoing development of affordable homes. Contractors and consultants will be asked to tender to provide services into this specialist market and delivery partnerships will also include joint ventures with house-builders and developers to share risk and expertise.
Jitinder Takhar, Spectrum’s Development Director said: "Cuts in grant levels have meant that we need to look at different income streams so that we can subsidise our core business of providing affordable homes. Spectrum Property Ventures will enable us to do that."
Spectrum’s aim is to develop 100 homes over the next four years to support its current affordable housing programme.
Jitinder added, “We’ve aimed at a sensible level of development bearing in mind the current economic climate. Our aspiration is to provide homes that meet the needs of people whether they’re looking for rent, shared ownership, intermediary rent or a home to buy. Any profits we generate through our new subsidiary will be ploughed back into the provision of affordable housing.”
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