Top roles confirmed at council owned housing firm
- Credit: This Land
This Land Ltd – the county council’s wholly owned development company- has appointed David Meek as its new chairman.
And This Land has also confirmed David Lewis has been confirmed as chief executive after 16 months as acting chief executive.
One of Mr Lewis’ first tasks as chief executive has been to officially open the company’s show home at Spiregrass Square, Over.
Once completed, Spiregrass Square will feature 53 two, three and four-bedroom homes, 21 of which are affordable homes.
Mr Lewis joined This Land in 2019 as strategic land director and the company says he has “demonstrated proven leadership throughout his tenure as acting chief executive”.
He said: “We have an exciting future ahead as we strive to be a leading developer in the region that builds high quality, design-led homes.”
Mr Meek also joined This Land in 2019, as a non-executive director, and succeeds former MP Steve Norris as chair who stepped down at the beginning of the year.
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This Land describes Mr Meek as a “dynamic, innovative and results-driven leader with substantial corporate governance credentials”.
Mr Meek has held board-level roles at leading financial institutions including NCB Capital and National Commercial Bank, and Equiti Capital.
He is also a former managing director at JPMorgan and is currently chair of the not-for-profit Ethical Tea Partnership which works to improve the lives of tea workers and farmers.
A recent report to the county council revealed that as at March 2022, the financing advanced to This Land by the council is as follows: Long Term Loans £113.851m, Equity £ 5.851m, Total £119.702m.
"Diminution of the investment value or returns from This Land, or divergence from the long-term plan for overall profitability are a recognised risk in the council’s corporate risk register,” councillors were told.
The council is currently receiving revenue interest (a £6m net contribution is expected this financial year).
"In addition to interest, the council has also already received capital receipts from This Land in excess of £75m for the transfer of property at market value,” the report noted.
This Land is acting as the master developer for three large sites: Worts Causeway, Burwell and Soham Eastern gateway.
It is directly developing sites at Over, Ditton Walk and Brampton and on a smaller scale at Fitzwilliam Road, Horningsea, Malta Road and Foxton.