Croydon’s housing company strikes shared ownership deal

Croydon Council’s housing development company Brick By Brick has struck a £29m deal with Residential Secure Income (ReSI) to sell off 85 shared ownership homes.

The 85 homes will be owned by ReSI’s social housing arm, ReSI Housing and part financed by government grant.

Under the agreement, Brick By Brick will offer these homes as shared ownership.

The acquisitions will be completed in a staggered manner to align with when purchasers are ready to occupy the properties.

This is expected to happen rapidly, as 90% of Brick By Brick’s available homes for sale are already reserved.

The portfolio consists of one, two and three-bedroom apartments in new developments in Upper Norwood, Thornton Heath and South Croydon in South London, designed by outstanding architects, including RIBA Stirling Prize-winning Mikhail Riches.

The homes have been developed to a high specification, with timber parquet flooring, Silestone worktops, Bosch appliances and private balconies.

The homes meet or exceed ReSI’s sustainability criteria and include secure cycle storage, solar energy, electric vehicle charging points, and have an energy efficiency Environmental Performance Certificate rating of B or higher.

‘We are delighted to help Brick By Brick increase its delivery of affordable homes, while generating a return for the London Borough of Croydon,’ said investment manager of ReSI Capital Management and head of housing at Gresham House, Ben Fry.

‘These homes exemplify the sort of high-quality assets we seek, delivering value and housing security to first-time homeowners, and meeting the pressing housing needs of London and the rest of the UK. We see this as the start of a long-term partnership with Brick By Brick to facilitate its delivery of much needed affordable homes.

‘This investment further diversifies our portfolio and is a key step to reaching full dividend cover by the beginning of October 2021. We look forward to updating shareholders on further progress in 2021.’

Photo Credit – ErikaWittlieb (Pixabay)