The move, which follows a recent independent review of the existing company, aims to increase efficiency, and improve the oversight and transparency of property decisions - ensuring they are better aligned with Council Plan priorities and reflect the needs of some of the most vulnerable residents in the borough.
With all decisions now made through the council’s formal governance processes, and oversight provided by the council run Shareholder Panel, the new model will ensure that the Asset Holding Company exists solely as a technical structure to support the council’s housing and property priorities – with greater alignment, transparency, and control.
This new delivery model will also reduce costs and duplication - through senior council management overseeing the new company, who are also able to work much more closely with other services across the council.
Cabinet Member for Planning, Governance and Asset Management, Cllr Adam Bermange, said: “Where it makes sense to bring services in-house - to give us more control, improve quality and ensure value for money for the council and our residents – we absolutely will.
“By abolishing the property company originally set up by the previous administration in 2011 and making these decisions within the council - we will be able to ensure they are as transparent as possible, with the needs of the community at their heart.”
A detailed business plan, setting out how the council will manage its properties held by the AHC and support future housing need in the borough, will be brought forward this summer.