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Cornwall to see £3.4bn investment in housing over next decade
In Cornwall, more than £3.4bn of capital will be spent on housing in the next 10 years, and the council has set a delivery target of 52,500 new homes by 2030.
The figure also includes £82m over five years for a new Cornwall Supported Housing Strategy, which aims to deliver over 48,000 supported housing properties by 2050.
The details will be presented by representatives of Cornwall Council, Cornwall Trade and Investment, and council-owned development firm Treveth at the annual UK’s Real Estate Investment & Infrastructure Forum (UKREiiF) on Wednesday during a session for investors, funders and developers.
The council has a wider investment pipeline of £10.6bn over the next 10 years in cultural and economic development opportunities.
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In response to the changing nature of Cornwall’s population, including an anticipated rise of 257% in the over-90 cohort by 2050, the council is creating a framework in 2024 to deliver 5,545 new homes for extra care, residential care, retirement and nursing care.
It also plans to deliver 12,965 new accessible homes for people with physical disabilities, learning difficulties, mental health needs and long-term conditions, along with 325 new specialist housing units for those with complex needs or who are at risk of homelessness.
The council’s plan includes 170 new specialist housing units for vulnerable young people.
Olly Monk, cabinet member for planning and housing, said: “Cornwall Council recognises that heavy investment in housing will ensure we can accommodate a growing population, support our vulnerable people and attract the specialist skills needed to drive economic growth.
“We’re excited to be attending UKREiiF and meeting with investors and potential partners that can be on board with realising our ambitions to create new communities with a real legacy.”
He added that the council was providing “hard figures based on genuine opportunities” and “backed up by independent research”.
In April, LiveWest and Vistry announced they had acquired a site in Cornwall with plans to deliver up to 245 homes, of which half will be classified as affordable.
Linda Taylor, leader of Cornwall Council, said: “The team are really excited to be attending UKREiiF this year, with an impressive pipeline of development opportunities. The figure of £10.6bn in the next 10 years is qualified by independent research, so we’re confident this will make Cornwall an attractive prospect for national contractors, consultants and their supply chains to expand their operations and help us deliver our ambitious plans.
“We are developing housing stock faster than the rest of the UK, so harnessing the power of Cornwall is essential to the UK’s journey to net zero. Investing in Cornwall means having the space to think big and work with a proactive council to create a real legacy.”
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