Hastings Borough Council is now officially in the housing business.

It was confirmed this week that the Hastings Housing Company, which is wholly owned by the borough council, has acquired its first property.

Managing director Andrew Palmer explained: “This is a really important moment for us, we are now a housing company in more than just name. The property we have bought, in Waldegrave Street, is a valuable town centre asset, and is the first of many, we hope.

“In this case, we bought the property from a local company, Lets2Share… and they will continue to manage it. In future though, as we expand our portfolio, we will be managing the properties ourselves.”

Leader of Hastings Borough Council, Councillor Peter Chowney, says setting up the housing company was a key priority: “I am delighted that it is now a fully-fledged going concern,” he said.

Mr Chowney added: “It makes sense for the council to invest in property, as it will help provide revenue through dividends from the company that can be reinvested in our services. It also helps ensure that good quality, well maintained, rented accommodation is provided in Hastings.”