Brick to Brick has finalised an agreement with Residential Secure Income plc (“ReSI”) (LSE: RESI) on 85 of the homes, allowing them to offer the properties for sale to the people of Croydon as shared ownership properties.
ReSI invests in affordable housing, and contracts were exchanged for £29 million to acquire up to 85 of our newly completed homes, allowing Brick by Brick to offer them as shared ownership. The homes are within the schemes Flora Court in Thornton Heath, Auckland Rise in Upper Norwood and Heathfield Gardens in central Croydon.
The deal with ReSI is the first in Brick By Brick’s strategy to partner with registered providers to provide shared ownership housing, allowing them to increase the range of affordable funding options available to purchasers of the homes, and was approved by the refreshed Brick By Brick board at the end of 2020.
Brick By Brick will continue to market the homes, using SOResi as the sales agent, and all the homes for sale will be launched in the new year. The ReSI acquisitions will be completed in a staggered manner to align with when purchasers are ready to occupy the properties – expected to happen rapidly, as the homes have proved popular so far, and 90% of available homes for sale are already reserved.
The homes will be held by ReSI’s wholly-owned registered provider of social housing, ReSI Housing, and are part-financed by a government grant.
The portfolio consists of one, two and three-bedroom apartments across the Borough of Croydon. All homes offer our high internal specification, with timber parquet flooring, Silestone worktops, Bosch appliances and private balconies. The homes meet or exceed ReSI’s sustainability criteria and include secure cycle storage, solar energy, electric vehicle charging points, and have an energy efficiency Environmental Performance Certificate rating of B or higher.