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Construction giant Lendlease registers as for-profit social landlord

Construction giant Lendlease has moved into the social housing sphere after registering as a for-profit provider. 

 

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High Road West, Tottenham
High Road West, Tottenham
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Lendlease registers as a for-profit social landlord #ukhousing

LTYD Homes Limited, a wholly owned subsidiary of Lendlease’s European business, was added to the register of social landlords on 18 August, according to an updated list the Regulator of Social Housing published yesterday.

Company documents show that LTYD Homes was initially registered at Companies House in July 2019.

A spokesperson for Lendlease, which is ultimately headquartered in Australia, said: “With a pipeline of over 25,000 homes to deliver in the UK over the next 25 years and with many of these being affordable homes, we have decided to register as a provider of social housing.”

Lendlease has a number of major housing schemes within its portfolio, including in Tottenham, north London, where it is working with Haringey Council on the 2,600-home redevelopment of High Road West.


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The company is also working with Peabody, the G15 housing association, on the regeneration of the Thamesmead waterfront in south-east London. The 50/50 joint venture launched a design competition in October last year for the scheme, which is valued at £8bn.

The spokesperson added: “While we will continue to work in partnership with other major housing associations, we believe it will make delivery of our pipeline more resilient. It will also help us access new equity investment, which will ultimately allow us to deliver more affordable homes at greater speed, and in more diverse places and communities.”

It is not known if the new for-profit provider will play a role in any of Lendlease’s current schemes. However, the contractor named its growing social housing portfolio as one of the reasons behind its decision to register as a social landlord.

Lendlease is the latest company take the plunge into social housing as a for-profit provider. In April, a subsidiary of the investment manager Man Group registered a for-profit provider. Alpha Real Trust Limited, the Guernsey-based property financier, registered its own for-profit provider in August, while Legal & General has also set up as a for-profit.

Former bosses of Crest Nicholson, the housebuilder, also registered as a for-profit last month.

More than 50 organisations are registered as for-profits with the RSH, with around the same number currently going through the application process, according to the body’s director of strategy.

Research published in July suggested that for-profits have the potential to deliver 130,000 new homes for shared ownership and rent by 2026.

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