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Drummond Road, central Croydon, by Mikhail Riches Architects
Croydon council-owned housebuilder Brick By Brick says it has completed construction of another 123 new homes in its latest tranche of development.
The under-fire developer, which faces an uncertain future due to the financial crisis at Croydon, says it has now completed construction of 319 houses across 15 different sites, with 130 of those provided as affordable housing.
The latest homes to be completed from its “small sites” programme come from seven separate schemes designed by a raft of prominent architects, including Coffey Architects, Stitch, Mae, HTA Design and Stirling-prize winning Mikhail Riches.
All the homes to be built out will be available either for private sale from Brick By Brick or for shared ownership. The construction completions include homes in one of the three developments bought by landlord Residential Secure Income in a £29m deal at the start of the month.
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NOTES: Residential Secure Income plc (LSE: RESI) is a real estate investment trust (REIT) listed on the premium segment of the Main Market of the London Stock Exchange with the objective of delivering secure inflation linked returns by investing in affordable shared ownership, retirement and Local Authority housing throughout the UK. ReSI targets a secure, long-dated, inflation-linked dividend of 5.0 pence per share p.a. (paid quarterly) and a total return in excess of 8.0% per annum. Including recent committed acquisitions, ReSI s portfolio comprises 2,802 properties, with an (unaudited) IFRS fair value of £322m. ReSI aims to make a meaningful contribution to alleviating the UK housing shortage by meeting demand from housing developers (Housing Associations, Local Authorities and private developers) for long-term investment partners to accelerate the development of socially and economically beneficial new affordable housing. ReSI s subsidiary,
By Joey Gardiner 2021-01-06T07:00:00+00:00
Troubled Croydon developer to sell 85 homes to housing investment vehicle
Under-fire council-owned developer Brick By Brick has sold 85 homes to a for-profit social landlord in a £29m deal, including some designed by Stirling Prize-winners Mikhail Riches.
The homes have been bought by Residential Secure Income (ReSI), a listed investment vehicle set up in 2017 to make money from buying shared ownership properties.
The firm said the deal will allow Brick By Brick to accelerate the delivery of affordable homes and “return the proceeds of the sale to the London Borough of Croydon to be spent on frontline services”.