Calculations from local newspaper Brixton Buzz suggest an average cost of £700,000 per property.
Some properties also serve as replacements, contributing to an even higher average cost.
Homes for Lambeth faced a critical blow in November last year after the Kerslake Review.
The independent Peer recommended bringing the failed company back in-house at the Town Hall, emphasizing a “complete reset” due to its failure in engaging with residents.
Lambeth council holds a cash balance of £50.3 million as of 30 September, 2023.
Its gross debt remains unchanged at £882.7 million from 30 June, 2023, with an average interest rate of 3.75%.
The Corporate Committee meets on 30 November to explore these financial intricacies.
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HeadlineLondon Council loaned out £79.5m to failed housing scheme
Short HeadlineCouncil loaned £79.5m to failed housing scheme
StandfirstLambeth Council company has also requested a further £30m to complete some existing work that has started.
Lambeth Council is facing scrutiny after lending almost £80m to failed council-owned company Homes for Lambeth.
The company has disclosed total expenditure of £122.5 million, with an additional request for £30 million to complete ongoing projects.
Calculations from local newspaper Brixton Buzz suggest an average cost of £700,000 per property.
Some properties also serve as replacements, contributing to an even higher average cost.
Homes for Lambeth faced a critical blow in November last year after the Kerslake Review.
The independent Peer recommended bringing the failed company back in-house at the Town Hall, emphasizing a “complete reset” due to its failure in engaging with residents.
Lambeth council holds a cash balance of £50.3 million as of 30 September, 2023.
Its gross debt remains unchanged at £882.7 million from 30 June, 2023, with an average interest rate of 3.75%.
The Corporate Committee meets on 30 November to explore these financial intricacies.
