Funding Affordable Homes acquires 35 affordable apartments
Affordable housing investor Funding Affordable Homes FAH has acquired 35 Shared Ownership homes at Landmark Pinnacle from City Pride Ltd for £11 million.
The mix of studios, one and two-bedroom apartments will be managed by Poplar HARCA, a local housing association, which has entered into a management agreement with Funding Affordable Homes Housing Association (FAHHA), the housing association owned by FAH, whose investment adviser is Edmond de Rothschild Real Estate Investment Management.
The acquisition by FAH follows that in March of the nearby Island Point development of 173 affordable homes also from City Pride Ltd for £28.5 million. The shared ownership and affordable homes formed part of the affordable housing obligation required as a condition of the planning permission for the development of Landmark Pinnacle. Both Landmark Pinnacle and Island Point were designed by Squire & Partners and developed by Chalegrove Properties, which was appointed by City Pride Ltd under a development management agreement.
Paul Munday, fund manager of FAH, commented: “We are extremely pleased to complete our second deal with Chalegrove and Poplar HARCA and hope this is the start of a long-term relationship with both parties. The quality of the scheme is exemplary, as evidenced by the volume of sales interest, despite the challenging times we all face. This is further evidence of the sustained demand and need for good quality affordable housing across the UK. The projects at Landmark Pinnacle and Island Point represent our single largest investment to date and provide much needed subsidised rented and shared ownership housing in east London”.
James Whidborne, Head of Residential Fund Management UK at Edmond de Rothschild REIM, added: “FAH now has a seed portfolio of 11 assets, 10 of which are income-producing, with the final asset due to complete in the middle of this year. Our seed portfolio, combined with the merits of the sector from both a social impact and returns perspective, should enable us to now grow the fund to in excess of £500 million within two years”.
FAH promotes the delivery of new affordable housing while providing investors with long and secure income streams and capital appreciation. It has already acquired or committed to acquire, around £170 million of socially beneficial housing projects in London, the east and south of England and other parts of the country. It typically provides forward funding to enable new properties to be built and managed by established Registered Providers of housing, but it also owns and utilises its own housing association, FAHHA.
The current investors include Big Society Capital, which improves the lives of people in the UK by connecting social investment to social enterprises and charities to create a greater social impact, and the Joseph Rowntree Foundation, an independent Foundation, working to inspire social change through research, policy and practice.
02/02/2021 14:59 by Buildington
Shared Ownership Launch
Shared Ownership apartments launching at Landmark Pinnacle in Q1 2020. Studios, 1 and 2 bedroom apartments will be available. Register your interest with Poplar Harca.
31/01/2020 17:13 by Buildington
Chalegrove Properties Limited recently achieved the topping out of its flagship development, Landmark Pinnacle.
Read about Buildington's visit to the site here.
Ian Spencer-Woodbridge, Project Manager at Chalegrove Properties, said: “The topping-out of Landmark Pinnacle is a momentous occasion for Chalegrove Properties and the construction programme. This accomplishment is a testament to the teams involved with the project, at every level, who have put in a tremendous amount of hard work and effort into reaching this stage. It’s fantastic to see Landmark Pinnacle take its final shape and make a prominent mark on Canary Wharf.”
Landmark Pinnacle will complete construction with first residents scheduled to move in in Q3 of 2020. The development is now over 70% sold.
Recently launched at Landmark Pinnacle, ‘THE LOFT COLLECTION’ features an exceptional free upgrade: studio apartments with the function, look and feel of a one-bedroom apartment. Available in three different layout types the apartments are spaced across levels 11 to 64, with prices starting from just £480,000.
For more information visit: www.landmarkpinnacle.co.uk.
18/06/2019 13:15 by Buildington
JLL's Exhibitions for Landmark Pinnacle development take place in Beijing 11-12 May; Shenzhen 18 May; Guangzhou 19 May; Shanghai 1-2 June 2019.
Prices starting from £425,000.
Visit joneslanglasalle.com.cn for details.
25/04/2019 06:22 by Buildington
25/02/2019 10:06 by Buildington
Landmark Pinnacle launches today! Suites, 1, 2 and 3 bedroom apartments available for sale, prices from £425,000.
Selling agents JLL and Knight Frank.
25/05/2017 10:09 by Buildington
Landmark Pinnacle is launching 25th May 2017!
Suites, 1, 2 and 3 bedroom apartments available for sale - prices from £425,000.
- One of the tallest towers rising 75 storeys designed by London's pre-eminent residential architects Squire & Partners.
- Located on the favoured western side of Canary Wharf with uninterrupted sweeping views of the River Thames and the London skyline.
- Unrivalled 360-Degree River, Dock, Canary Wharf and London Skyline views.
- Over 15,900 sq ft of gardens in the building.
- Amenity levels spanning 5 floorplates; including formal London Square Garden, Children's Play Garden, Private Dining, Residents Lounge, Library, Privat Cinema, Gym, Yoga Studio and Activity Room.
- 24-hour security and concierge.
- Level 27 Gym - London's highest private residential gym overlooking the River Thames.
- Level 75 Residents Private double height roof terrace and garden.
- Located close to Canary Wharf underground station and the new Crossrail station (expected operational in 2020).
Marketed by JLL and Knight Frank.
Via advert in Homes & Property homesandproperty.com 10.5.2017
11/05/2017 12:04 by Buildington
South China Morning Post says that JLL is currently offering individual or multiple floors for sale at Landmark Pinnacle.
Each available floor comprises 14 apartments of mixed types - 4 studios, 6 one-bedroom, and 4 two-bedroom apartments, ranging from 484 to 818 gross square feet.
Read more: The Landmark Pinnacle: Panoramic views from London's tallest residential tower www.scmp.com 22.02.2017
27/02/2017 17:16 by Buildington