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Home Group strikes £12.9m deal to buy modular homes
Housing association Home Group has acquired 49 modular affordable housing units and 13 townhouses in Kent, as part of a deal worth £12.9m.
The 55,000-home housing association has bought the homes which are being delivered by modular developer Top Hat as part of a deal overseen by Knight Frank’s affordable housing investment team.
The units will be part of the 302-home Kitchener Barracks development in Chatham, Kent which is being delivered by Top Hat.
The 49 affordable homes will make up the the six-storey Buckley House building and consist of one and two-bedroom units for shared ownership.
The 13 townhouses were purchased on the open market by Home Group but will be flipped to shared ownership by the organisation, which takes the percentage of affordable housing units above what was initially agreed.
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The Kitchener Barracks development is on the site of a former military barracks built 250 years ago and is set to be completed in spring 2021.
Brian Ham, executive director of development at Home Group, said: “This is a wonderful development opportunity and we are delighted to be working with Top Hat, whose emerging reputation as a high-quality manufacturer and builder of modular homes is widely recognised.
“Providing high-quality modular homes to scale is a key focus for us, as is shown in our outstanding Gateshead Innovation Village project. This development partnership further cements our commitment.”
Inside Housing revealed this month that housing associations have been buying open market homes from house builders at a discount and flipping them to affordable, as the sales market cools.
It is not clear if this deal forms part of that trend.
