Peabody Trust, which provides affordable homes for some 50,000 people in 32 boroughs and owns or manages over 18,000 homes across London, has published a three year business plan for 2006 -2009.
The trust made a surplus for the year of £25.4m after tax, compared to £14.6m in the previous year.
And the consolidated results for the group show a surplus for the year of £27.6m after tax, compared to £18.4m in the previous year.
The housing association says its objectives include developing out its Ladbroke Green site, a 10-acre former industrial estate alongside the Grand Union Canal near Ladbroke Grove.
Peabody plans to provide 308 homes for affordable rent, shared ownership and private sale as well as 172,228 sq ft of workshops, studios and offices.
It will also provide alternative housing for the residents of its Clays Lane estate in Stratford East London which is set to become the site of the Olympic Village in 2012.
Last year Peabody sold the Clays Lane Estate to the London Development Authority for £1.6m.
It also plans to reduce the Trust’s cost of borrowing, restore the Housing Corporation ‘green’ light for management and achieve a satisfactory Audit Commission inspection result.
Current tenants’ arrears stood at 8.5% at the year end and the average number of days to re-let empty properties was 132 as at 31st March 2006.
This average has been distorted by a small number of properties that had been empty for a considerable period but have now been let. At 31st March 2006 the Trust only had 60 properties available to let.
All of the Trust’s surpluses are re-invested in the Charity with the surplus on the sale of properties invested directly in a programme of works to meet the Decent Homes Standard by 2010.
The Trust also has a small development programme focussing on the provision of new affordable homes for Londoners.
During 2005/06 £17.6m was invested in the ongoing programme of works required to meet the Decent Homes Standard by 2010 and 335 new homes were completed during the year costing a total of £50.9m with £21.9m of Social Housing Grant having been received in respect of these homes.
Of these new homes 138 were for affordable rent, 71 were Shared Ownership properties and 126 were other tenures.
References: EGi News 25/07/06
