Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Residents lobby to stop Benevolent Fund homes sale

LAST MINUTE lobbying looks unlikely to prevent the ICE's Benevolent Fund from selling off its Mill Hill Close housing estate, NCE learnt this week.

The estate was built in the 1950s to house ICE members and their families with financial problems.

The future of the estate, which consists of 17 houses and 16 flats, and has been valued at £3.8M, will be decided by fund's 10 trustees after the AGM on 6 June.

The trustees include the current ICE president, three ICE Council members and six representatives elected by ICE members who contribute to the fund.

It is widely believed that they will approve the sell off.

At last year's AGM it was revealed that the £157,000 annual running cost far outstripped the £52,000 received in rent and maintenance charges.

But the financial case is not clear cut. After a bad year on the stock exchange the value of the fund's investments fell by almost £2M to £14.6M. If let commercially, the estate could generate over £150,000 annually.

For the last two years less than half of the estate's properties have been occupied by beneficiaries, with the remaining properties let to private tenants.

'A sell off is more likely to be implemented next year, but they are moving towards selling, ' said ICE chief executive Mike Casebourne, who is honorary secretary to the fund.

Residents lobby group Mill Hill Close Beneficiaries Association is campaigning for more time for the estate to prove its worth.

'The availability of accommodation should be much better publicised before invoking a hasty and irreversible sale of such a wonderful asset, ' said association chairman Ian Towner.

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.