Housing company owned by Telford & Wrekin Council brings in £5 million over past year
A housing company set up by Telford & Wrekin Council has brought in £5m in rental income over the past 12 months, a new report has revealed.
NuPlace Ltd, which was set up in 2015 by the authority to build and rent out homes on behalf of the council, now owns more than £120 million worth of property assets in the borough of Telford and Wrekin - and received £5.046m in rental income last year.
Unaudited accounts for the company, which owns more than 600 homes in the borough, show it made an operating profit of around £0.5m.
The firm is a separate legal entity to Telford & Wrekin Council - but the authority was paid £0.3m last year as a dividend as the sole investor to NuPlace.
The proceeds from NuPlace rental properties will go towards protecting services for residents in the borough, a report set to go before Telford & Wrekin Council's cabinet will say.
