Westminster Builds is set to deliver a significant number of affordable homes while adhering to ambitious carbon-neutral goals, with its business plan for the 2026/27 financial year outlining key developments and financial projections.
The Shareholder Committee, meeting on Tuesday, March 17, 2026, reviewed the business plan for Westminster Builds for the 2026/27 financial year. Established in 2018 to increase affordable housing delivery, Westminster Builds outlined its continued focus on an affordable rent model, with a development arm ready to support the Council's housing framework. Key activities for the upcoming year include the ongoing dissolution of the Luton Street LLP and preparation for the delivery of Ebury Phase 2 through Westminster Housing Developments Limited (WHDL).
The dissolution of Luton Street LLP is underway, with all final profits calculated and distributed. Work is expected to continue into 2027/28, and formal dissolution is anticipated by Summer 2026, following approval by Cabinet. A winding up practitioner and external legal advisors have been appointed to manage this process.
Westminster Builds has committed to supporting the Council's ambition for Westminster to be carbon neutral by 2040. The business plan details financial projections and capital expenditure plans, with a strong emphasis on sustainability. For instance, all homes in the Ebury Regeneration Programme will be fossil-free, utilising ground source and air source heat pumps, and incorporating low water use fittings and LED energy-efficient lighting. Ebury Phase 1 completed in December 2024. For Ebury Phase 2, the main works contract has been awarded to McLaren, with a target handover date to WHDL upon granting of Building Safety Act Gateway 2 approval, currently scheduled for Summer 2026. Construction is anticipated to begin in 2026. The projected capital expenditure for Ebury Phase 2 over the next five years (2026/27 to 2030/31) is £253.892 million, with £46.008 million allocated for the 2026/27 financial year. Funding for this phase will come from a development loan from the General Fund (£105.752 million) and residual land value (RLV) payments from the HRA (£100.323 million) and retained asset payments from the HRA (£33.178 million).
For the 2026/27 financial year, Westminster Builds is forecast to achieve a pre-tax net profit of £2.647m. The company aims to maintain an Interest Cover Ratio (ICR) of at least 1.2, with a projection of 1.23 for 2026/27. The Loan to Value (LTV) is projected to be 0.65 in the same period. Furthermore, Westminster Community Homes is projected to present a surplus of £420,000 for the 2026/27 financial year.
Other developments, such as Luxborough and Westmead, are also being constructed with enhanced sustainability credentials. Luxborough will feature photovoltaic (PV) panels, individual air source heat pumps (ASHPs), a green roof, rainwater harvesting, provisions for waste reduction and recycling, and bird and bat boxes. Westmead has been built using the principles of Passivhaus Plus, incorporating high levels of insulation, low-emissivity glazing, individual air source heat pumps (ASHPs), photovoltaic (PV) panels, electric vehicle charging points, and a secure cycle store, with mature trees retained and integrated into the landscape design.
Joe Smith was appointed as a Director to the Westminster Builds board, ensuring good governance following a previous resignation. Smith, Senior Programme Manager, will serve on the boards of WHIL, WHDL, and Westminster Housing Provider Limited (WHPL).
Read the full Public reports pack for the Shareholder Committee meeting on 17th March 2026.
Agenda frontsheet 17th March 2026
Director Appointment WHIL and WHDL - JS 1
Appendix A - Westminster Builds Business Plan
26-27 Business Plan Shareholder Committee Report
Westminster Community Homes Shareholder Committee Report March 2026
