Leading Housing Association, Metropolitan Thames Valley Housing (MTVH) has announced it has now completed on a £60 million sale of 132 private sale units at its Clapham Park development, a regeneration scheme in south west London. The deal has been agreed with for-profit registered provider, ReSI Housing (ReSI), and the units have been converted from private sale to shared ownership.
Metropolitan Thames Valley Housing will retain management of the homes and will sell the properties through its market leading shared ownership brand, SO Resi. The 132 homes will be held in ReSI Housing, a wholly owned subsidiary of Residential Secure Income plc.
Representing one of largest partnerships of its kind between a profit and not-for-profit housing provider, MTVH has a wealth of experience and expertise in shared ownership, development, and management. Partnerships like this create a genuine opportunity to leverage expertise to work alongside an equally ambitious partner to accelerate the delivery of much needed affordable housing.
Kush Rawal, Director of Residential Investment at Metropolitan Thames Valley says:
“This is an exciting partnership with ReSI Housing as we work together to deliver on a simple aim; to increase the supply of affordable housing. At MTVH we’ve always recognised partnership working as the cornerstone of our success. The sheer volume of homes that our nation needs will require us to come together and work in innovative ways to help meet the growing challenges faced by the industry. By bringing the public and private sector together in this way, we can take great strides to help meet these targets with purpose and urgency.”
“Shared Ownership has always been an important part of our history and will certainly play an increasingly important role as we attempt to meet future affordable housing needs.”
Ben Fry, Investment Manager of ReSI Capital Management Ltd, ReSI’s fund manager, said: “This is a further example of how ReSI is able to add to the delivery of much-needed affordable housing in the UK and demonstrates our ability to acquire Shared Ownership portfolios through partnerships with Housing Associations.”
Clapham Park is located between Clapham, Brixton, Streatham and Balham and forms part of MTVH’s regeneration project which will deliver 2,500 new homes, a community hub, a new community centre and new shops. The acquisition will enable MTVH to recycle the proceeds into further developments thus supporting MTVH in the delivery of new homes.