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For-profit strikes £44m deal with modular builder for 153 homes
ReSI Homes has announced its first modular development project with a £44m deal for 153 factory-built shared ownership units provided by Ilke Homes.
ReSI Homes, a for-profit that is wholly owned by Gresham House Residential Secure Income LP (ReSI LP), said the deal comprises the freehold land acquisition and forward funding of 138 houses and 15 apartments.
The homes, which will be built in Stanford-le-Hope, Essex, are expected to double the borough’s stock of shared ownership homes and provide 99 more affordable homes than required by local authority planning permission.
ReSI LP said the project includes 2.6 hectares of green open space, which aligns with its commitment to sustainability and biodiversity.
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ReSI LP became a registered provider with the Regulator of Social Housing (RSH) last year with the aim of providing partners with exposure to UK shared ownership homes, delivering long-term inflation-linked returns with a social impact.
Alistair Wardell, investment director at Gresham House, said: “ReSI LP is committed to helping alleviate the affordable housing shortage in the UK and delivering sustainable and innovative solutions to this problem. This project will deliver real-world benefits to residents in Stanford-le-Hope early next year and we look forward to working with Ilke Homes throughout the process to maximise the potential of the development.”
Dave Sheridan, executive chair of Ilke Homes, said: “This investment from ReSI LP is testament to the growth of Ilke Homes and the growing recognition of the potential of factory-built modular housing to address widespread regional housing shortages at speed and at scale.
“This substantial injection of cash will enable us to deliver an outstanding selection of affordable homes to an underserved region without compromising on quality or sustainability.”
