Corby housing development brings in cash

The official opening of Colyers Gardens on the Kingswood estate, Corby, in 2011. The regeneration scheme has proved to be a financial success

The official opening of Colyers Gardens on the Kingswood estate, Corby, in 2011. The regeneration scheme has proved to be a financial success

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A housing development Corby Council was criticised for mismanaging has turned out to be an asset, producing £330,000 for its coffers.

The Kingswood regeneration scheme included 116 homes for sale and 30 new council properties, the first to be built in the town by the authority for 40 years.

Using Kickstart funding from the Government, council-owed land and with developers Bela managing the project, it was a massive improvement to the Kingswood estate.

In the early days the district auditor criticised the council’s lack of formal control of the development, resulting in stringent monitoring of costs being put in place.

It was estimated the development would bring in £2.6m, but the actual return is £2.67m. Of this £2.34m has been earmarked to repay borrowing with £330,000 for council reserves.

A report to go to the council’s One Corby Policy Committee on Tuesday (June 11) says: “There can be little doubt that the Kingswood scheme has delivered a valuable asset for the community and the council.

“It has helped to regenerate an area of Corby that was previously in desperate need of investment.

“Whilst there was criticism about how the council has managed the project in its early stages, and its financial exposure, measures were put in place and the financial return has now exceeded our initial estimates.”