In a deal billed a ‘turning point’ for UK housing, a housing association, a community investment company and a private investor have come together to create an inclusive housing scheme – marking the introduction of the UK’s first private sector rent-to-buy model.
Bristol-based HAB Housing helped bring the deal home.
Together United Communities, Bristol & Bath Regional Capital (BBRC), and the Cheyne Social Property Impact Fund (Cheyne), the new funding partnership delivers 161 mixed-tenure homes in Bristol’s Southmead.
The Cheyne Social Property Impact Fund and BBRC, will offer 61 homes including ethically rented homes, key worker rented properties and a unique rent-to-buy offering – with the Cheyne Social Property Fund will also offering 23 homes for sale.
United Communities will deliver 77 homes that include affordable rented homes, and shared ownership homes.
The project is being funded by United Communities and Cheyne which will offer six different tenure types to support community members’ needs and offer nearly 70% of the homes at sub-market rents.
Existing residents and key workers in the area will be offered first refusal to rent or purchase the new homes – with first expected ready for occupation next year.
Marvin Rees, Mayor of Bristol, said the initiative complemented the efforts of his administration to tackle the city’s housing crisis.
Oona Goldsworthy, Chief Executive of United Communities, said the Southmead community had been an amazing support throughout with its ‘Yes in My Back Yard’ response.
“We want to deliver a scheme which is loved and cherished by local residents for generations to come,” she said.
Shamez Alibhai, Partner at the Cheyne Social Property Impact Fund, Southmead showed socially responsible capital working with housing associations, councils and the community can accelerate the delivery of affordable homes.
Ed Rowberry, Chief Executive of BBRC is confident of the Southmead scheme being a “shining example” for other cities, councils, and developers to follow.
Kevin McCloud, Chairman of HAB, said: “As our first project in HAB’s home city of Bristol, we are more eager than ever to bring this great, sustainable, and affordable project to life, deliver much-needed housing and help in the wider regeneration of this neighbourhood.”