Landlord agrees £40m deal to help redevelopment
A stock transfer housing association has agreed a £40 million package to help fund 522 new homes in South London.
Community Trust Housing, a subsidiary of Network Housing Group, is redeveloping the Stockwell Park Estate in Brixton. It has secured a £40 million, five year revolving facility from Lloyds Bank to help fund the project.
CTH is planning to build 321 homes for private sale, 144 for social rent and 57 for shared ownership or shared equity. It is also planning to refurbish 400 social rented homes, part of the terms of a stock transfer of 1,300 homes agreed with Lambeth Council in 2007.
David Levenson, group finance director at NHG, said: ‘The financial package that is now in place enables construction to proceed more quickly than before.’