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Gresham House agrees housing development deal with Chartway
Monday 22nd January 2024
Gresham House, the alternative asset manager, has agreed a deal with leading South East housebuilder Chartway Partnerships Group for the completion and delivery of the remaining 117 of a total 153 shared ownership homes at the Hope Green site in Stanford-le-Hope, Essex. The deal will continue to be funded by Gresham House Residential Secure Income LP (ReSI LP), a limited partnership investing in shared ownership housing.
The pioneering Hope Green development will comprise 138 houses and 15 apartments, ranging from two to four bedrooms, with 101 of the homes being operationally net zero carbon, using technology including air source heat pumps and solar panels. 21 of the homes will be built to an even more advanced “zero bills” standard, making them fully self-sufficient. These properties will be eligible for Octopus Energy’s innovative zero bills tariff in which residents pay no energy bills whatsoever.
In line with Gresham House’s commitment to biodiversity, the project also includes significant green open space, while residents will also benefit from access to private outdoor gardens. The site is located a 10-minute walk from Stanford-le-Hope train station, which provides access to central London within an hour.
The project will address a significant need for the area, where the house price to income ratio of 9.6x is above the national average of 7.8x. Supporting the investment rationale for the development, the population of the local area is forecast to grow by 10% over the next decade, with major local infrastructure projects including the Lower Thames Crossing underpinning significant job creation.
Gresham House’s UK Housing team had previously agreed a £44 million deal with modular developer ilke Homes to develop the site. However, with ilke Homes entering into administration in 2023, the Gresham House team began a comprehensive process to secure another developer in order to ensure the project could be delivered in full with minimal disruption to timeframes. With all modular units already onsite, Chartway will deliver the homes to the same specifications as previously planned and has already begun working on the site, with the development anticipated to be fully completed by Winter 2024.
Gresham House aims to deliver social benefits by lowering the lifetime cost of housing for lower and middle-income people, while providing investors with secure, long-term, and inflation-linked income returns. The ReSI LP strategy has received strong backing from UK institutional investors, including both corporate pension funds and local government pension schemes, since its launch in May 2021.
Matthew Painter, Director of Development and Delivery, Housing at Gresham House, said:
“In difficult circumstances, we are pleased to have secured a leading South East England housebuilder to ensure the future of this important project and provide certainty for those who have reserved homes at Hope Green. The team has worked tirelessly to agree this deal and gain the support of key stakeholders, including the National House Building Council. Chartway’s expertise and track record is outstanding, and we look forward to working closely with the team over the coming months as the development progresses, bringing positive impacts to the local community.”
Steve Cresswell, Chief Executive at Chartway Partnerships Group, said:
“Gresham House’s commitment to sustainability and addressing the undersupply of housing made it a natural partner for Chartway, and we are excited to have already begun working on this vital development. The project will deliver much-needed shared ownership homes in an area where affordability is a particular challenge, while leading the way with high-quality, innovative and sustainable homes.”