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Forward Funding of Extra Care project, Walton-on-the-Naze, Essex

  • Freehold acquisition of 60 Extra Care apartments
  • Completion June 2017
  • New lease between FAH and One Housing Group
  • Nominations agreement with Essex County Council
  • High social value delivery

Deal Summary

  • Freehold acquisition through a forward funding transaction of the freehold of an Extra Care project for 60 apartments at Walton, in the county of Essex a short distance to the North and East of London.
  • This is the second project resulting from the funding and partnering agreement with Ashley House Plc.
  • Completion of construction was in June 2017 and incorporates a single L‐shaped structure, overlooking the ‘Martello Tower’ which is an English Heritage protected structure.
  • The location is in an existing residential area with further residential properties and a supermarket being constructed on the surrounding sites.
  • There is easy access to a range of shops and transport facilities.
  • The project is in partnership with One Housing Group, a Registered Provider who has a large portfolio of elderly care projects. One Housing Group will provide housing management and oversee the provision of care services. This is in line with the FAH approach of separating asset ownership and service delivery.
  • Provision of significant social benefit through the housing and care of older individuals and couples.

Background

The exclusive funding and partnering agreement signed by FAH with Ashley House Plc has led to the Walton project which is expected to be one of a number of specialist housing schemes. The site is part of a former caravan site with extensive views across Walton and out to sea. Recent reports for Essex County Council show a significant and increasing demand for elderly care. Building was undertaken through a local contractor, EJ Taylor, using a JCT Design & Build contract.

Social Delivery

The project offers attractive, self‐contained housing that is designed to enable people to retain their independence. Accommodation is designed to Lifetime Home Standards, providing a flexible home for life that enables individuals’ to be supported as needs change. 24/7 care is available and support staff are on site. Residents have their own front door, however, there is space for social activities, meal service and amenities such as a hair dresser.

A Nominations Panel has been established with representatives from Essex County Council and One Housing Group which are responsible for selecting residents. The flats are available to people aged 55 and over who have a connection to the local area. The pathways into the properties will vary. Some are individuals currently living in residential care homes who prefer to be in an independent, supported living environment, others are individuals living in their own homes but with increasing care needs that are at a point where they recognise they would be better off moving to supported living. Some are in social housing wishing to downsize, this provides the added benefit of freeing up affordable housing for others on the housing list.

Essex has an under‐provision of independent living accommodation compared to other local authority areas. The County Council commissioned a detailed study that found there were currently around 5,000 individuals aged 55+ on the social care register who had a care need of between 4 and 16 hours per week. The Council has set a target of making available 2,500 Independent Living units for social/affordable rent or affordable ownership by 2020.

Summary

The Project combines excellent social delivery with an expected robust financial outcome. FAH has ensured that the residents and One Housing Group are provided with a building that meets their needs and expectations.

It is intended that a regular dialogue will take place with One Housing Group to ensure that the social delivery envisaged by this Project is being achieved.