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House builder-owned for-profit buys first home
A for-profit registered provider of social housing owned by a house builder has bought its first home, it announced to the stock market.
In an update last week, the brownfield regeneration specialist Inland Homes said that its registered provider had bought a property in Amersham, Buckinghamshire.
This home, it said, will be let at an affordable rent under a Section 106 agreement with the local authority.
According to Inland, Rosewood has a pipeline of 144 homes that it has agreed to acquire. It said these are a mix of shared ownership, and social and discounted market rent units.
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When Inland launched its registered provider in August, it said it would focus on Section 106 housing and was particularly interested in shared ownership.
It plans to build up its affordable housing portfolio and, at some point later on, partner with an institutional investor “to help deliver further portfolio growth”.
Inland also gave an update on its modular homes business, Hugg Homes, which, it said, has completed its first development at Chapel Riverside, Southampton.
This involved building 22 homes, which have all been let to either private tenants or tenants of Southampton City Council, delivering to the business a total rental income of £168,000 a year.
Hugg is working on a second development at Cheshunt Lakeside, where, it said, Broxbourne Council has signed a three-year lease on the whole scheme, paying an annual rent of £319,500.
Stephen Wicks, chief executive of Inland, said: “While our model is still focused on our core land and planning skills, the ability through our construction operations and other business lines to be a partner of choice for housing associations, PRS funds, local authorities and other key stakeholders is expected to underpin further improvement to our housebuilding margins through increased scale.”
