Cambridgeshire County Council land firm to be reviewed

A council will have a review of its housing development company, to which it has loaned nearly £120m.

This Land Ltd, an arm's-length company of Cambs County Council, was set-up to develop the land it has acquired, predominantly from the authority.

An external reviewer has been brought in to ask questions including whether there was "a clear understanding about the exposure to risk".

This Land has welcomed the review, the council said.

The leader of the council, Liberal Democrat Lucy Nethsingha, said the report would be due by the end of the year.

According to papers for the council's upcoming strategy and resources meeting the council advanced £119,702,000 to This Land, the majority of which was in long-term loans.

The authority said that this year the company had repaid a loan, slightly ahead of schedule, of £2.04m and made interest payments totalling £1.06m.

Real estate services consultancy firm Avison Young Inc will carry out the review.

Other questions for the review included around how the firm could "quicken the pace of housing delivery" and whether it had the "right skills, capabilities and expertise compared to a typical housing development company of this type".

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