Repton Property delivers £1 million dividend

Repton Property Developments, Norfolk County Council's wholly-owned property development company, has announced a £1 million dividend to the county council after a successful 2024/25 financial year.

This follows a £735,000 dividend paid out last year, bringing the total returned to the authority to over £1.7 million in just two years.

Councillor Jane James, cabinet member for innovation and corporate services at Norfolk County Council and Repton board member, said:

"We are proud of what we've achieved in a relatively short time. Our lean operating model has allowed us to focus on quality, sustainability, and financial returns. This success has come in the face of significant economic turbulence including the COVID-19 pandemic, inflationary pressures, and the significant disruption to supply chains. We look forward to building on this success are we continue to develop sites across the county."

Established in July 2017, Repton was created with the aim of unlocking the value of underutilised council-owned land and buildings, while generating financial returns to ease the pressure on the public purse.

Councillor Andrew Jamieson, deputy leader and cabinet member for finance at Norfolk County Council, said:

"This £1 million dividend is a testament to the professionalism and prudence with which Repton has been managed. Councils must be especially careful when setting up property development companies, as they are working with public assets and taxpayer money. Repton's success shows that, with the right governance and expertise, such ventures can deliver real value for local communities."

Since its inception, Repton has focused on building high-quality and environmentally conscious housing developments across Norfolk.

Their 'Bowlers Green' development in Hopton was crowned 'Residential Project of the Year' at the Norfolk Constructing Excellence awards.

Meanwhile, the company are seeking to install over 100 car chargers and fit 171 of their properties with solar panels.

Repton schemes to-date:

• St Edmund's Park in Acle: Recently completed scheme features 137 homes including 68 affordable rent and shared ownership properties.
• 'The Old School Yard' in Hunstanton: Work to restore this historic building will create 11 new homes. This will bring the building back into use while respecting and enhancing the character of the historic school site.
• 'Burton Cove' in Caister-on-Sea': Construction began August 2023 with properties currently on sale.
• 'Bowlers Green' in Hopton-on-Sea: The first tenants moved into the 200-home development at the end of last 2023. Flagship Homes have purchased 60 of the 200 homes for rent or shared ownership. Winner of the Residential Project of the Year at Norfolk Constructing Excellence 2024 awards.
• 'Saxon Heath' in Attleborough: 48 homes which are all now occupied through the Orbit Homes Shared Ownership Scheme.