The Council wishes to invite organisations to finance, design and build new homes on specific sites and to certain standards and specification which the Council will lease back for a set period of time under an Annuity Lease Back Model ‘ALBM’, which has previously been used on commercial schemes in the city. At the end of this period of time all property and assets will revert back to Council ownership. By leasing the properties back to the Council the partner will secure a long term fixed return for the investment.
There are approximately 150 new homes (including Assisted Living apartments, Tyneside flats and bungalows) on 5 sites across the city envisaged for inclusion. This will deliver older persons housing, and an assisted living scheme.