Ikea will soon be able to build affordable housing in the UK after a local authority agreed to work with a housing developer co-owned by the retail giant.
Worthing Council has signed a deal with BoKlok – a property developer jointly owned by the Swedish retailer – which sets property prices so “buyers have money left to live on after they have paid their housing cost”, according to The Guardian.
Councillors for the town have voted in favour of a plan that would see 162 affordable flats built.
In return, the council will get 30% of the properties to use as affordable housing to rent to local residents, with the remainder being owned by BoKlok to sell on its “left to live” affordability model.
Flooring and wall tiles are included in the price, and each affordable house comes with a fully fitted Ikea kitchen. The homes will range from 538 sq ft one-bedroom apartments to 800 sq ft three-bedroom flats.
BoKlok has built more than 11,000 homes across Sweden, Finland, Denmark and Norway and is keen to move back into the UK after a failed development on Tyneside more than a decade ago.