News / Politics
Bristol Port sale could fund affordable homes
The sale of the Bristol Port could fund a new trust to bring more affordable homes to the city.
The Conservative Party has tabled an amendment to George Ferguson’s budget suggesting £9 million of the £10 million received from the controversial sale should go towards the project.
Ferguson has already promised to invest £1 million from the port’s sale into Avonmouth and Kinsgsweston. The Tories said their latest proposals, which will be discussed at a meeting of full council on February 16, would see the rest of the money spent to build a number of private homes, including a high proportion of affordable housing.
The profits from the sales of the new homes would be reinvested by the trust in further housing.
Mark Weston, the party’s group leader for Bristol, said the move would be a “win-win” for the city and the council.
The proposals would aim to replicate the success of the Birmingham Municipal Housing Trust which builds new homes for rent to council tenants and sells a portion on the open market too.
Weston, who represents Henbury and Brentry, said: “This is a real statement of intent from my group on our determination to get Bristol building again and make substantial numbers of new dwellings available for purchase on the open market.
“At the moment, the port money is just languishing as a capital receipt, earning derisory rates of interest.
“I recall the Mayor said that he wanted to create a revolving regeneration fund, well, more homes for sale offers local taxpayers a good deal (as this fund should grow exponentially) whilst helping people to get on the housing ladder. It’s a win-win proposition.”
Ferguson took the decision to sell the freehold of the port to the Bristol Port Company, who already owned a 127-year lease, in June last year, despite objections from two of his cabinet members.
Mark Bradshaw, a Labour mayoral hopeful at the time, was sacked from the cabinet immediately after the meeting for his objections.
Ferguson said at the time he would put aside £1 million from the sale for Avonmouth, while investing the other £9 million in a “revolving regeneration fund” for city-wide projects.
Read more: Behind the scenes at Avonmouth and Portbury docks
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