Association buys up 150 flats for private rent
Glasgow Housing Association has acquired 150 flats in a £14 million deal to shore up its social housing business.
The flats will be offered at market rent by Lowther Homes, a subsidiary of GHA. A spokesperson for GHA said the association hoped to charge £450 - £700 a month rent for the newly acquired flats, with the income helping to support social housing in the city.
Most of the one and two-bedroom flats in the Park Lane portfolio are across seven locations in Glasgow city centre and the west end.
GHA entered the full-market rental sector in March 2011. It plans to complete several mid-market rent projects in Glasgow this year, including 24 flats at Strachur Wharf and 98 flats at Ibroxholm Oval.
Alex McGuire, executive director of development and regeneration at GHA, said: ‘Lowther Homes is part of our strategy to diversify income streams so that we can keep rents low and do more for our tenants in these difficult economic times.
‘There is also a strong demand for high quality private rented homes in the city and we believe our new subsidiary has the potential to provide more full-market and mid-market rental options for people and to drive up standards in the private letting sector.’