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Purchase of 58 general needs rented & shared ownership homes in central Aldershot

  • FAH achieved legal completion in June 2019 with Birchett Road Developments Limited (BRD) for the acquisition of 58 apartments for general needs housing in Aldershot
  • Grant of £2.6m has been secured by FAHHA to support the development (£2.5m from Homes England and £100k from Rushmoor Borough Council)

Background

This opportunity is the first scheme to be delivered in Aldershot working with Rushmoor Borough Council’s Strategic Housing department to provide general needs housing for single people, couples and families. This is a completed development.

The development meets with the Council’s Strategic Housing priorities and Homes England’s housing strategy.

The completed development consists of 58 x 2, 3 and 4-bed apartments in three blocks adjacent to Aldershot town centre. The scheme provides 6 social rented, 44 Affordable rented and 8 shared ownership homes. The mix across the three blocks is comprised as follows:

  • Block A contains 8 x 2-bed apartments for shared ownership.
  • Block B contains 18 apartments (6 x 1-bed, 7 x 2-bed and 5 x 3-bed) for Affordable rent.
  • Block C contains 29 homes of which 6 apartments (3 x 1-bed and 3 x 2-bed) are for social rent, the remaining 23 apartments (10 x 1-bed, 12 x 2-bed, 1 x 3-bed) will be let at Affordable rents.
  • There are also three (2 x 3-bed and 1 x 4-bed) independently accessed maisonettes.

There are two secure private car parks which also include bike storage within the curtilage of the scheme.

The development was built by a local company Ayyaz Homes for BRD. The scheme was originally a scheme for outright sale with minimal affordable housing. However, through securing public sector grant we have been able to change the tenure to deliver an all affordable development of 58 homes.

FAH was introduced to the development after start on site and were not able to influence the scheme design. However, the homes are designed to a good space and quality standard. Practical completion was achieved on 30 April 2019. Plexus (part of the Mears group) will provide local management and maintenance services under a 20-year lease.

Deal Summary

  • Acquisition of 58 completed apartments at Birchett Road, Aldershot.
  • The transaction is supported by an affordable housing grant of £2,500,000 from Homes England and £100,000 from Rushmoor Borough Council which was allocated directly to FAHHA.
  • Lease agreed with Plexus Housing Association for a term of 20 years.
  • Provision of social benefit through the housing of singles, couples and families in a Council with a significant housing waiting list.
  • is reepresenst hhThe project includes a Nomination Agreement and Local Lettings Plan with Rushmoor Borough Council (RBC).
  • Property due diligence and property valuation completed by JLL.
  • Legal due diligence completed by Norton Rose Fulbright (NRF).
  • Full occupation by end of November 2019.

Summary

This investment facilitates the delivery of general needs apartments for local people including singles, couples and families in a town centre location providing significant social benefit by offering a range of housing options and tenures to help meet the significant local housing need.  The Project combines excellent social delivery with a robust financial outcome.