By Joey Gardiner 2021-02-10T09:10:00+00:00
Croydon-owned housing company will only build out schemes already on site unless a sale can be agreed
Croydon council-owned housing developer Brick By Brick is to be put into a “managed wind-down” unless a sale to a third party can be agreed.
According to council papers published this week in advance of a meeting of Croydon’s scrutiny and overview committee meeting, Brick By Brick has had discussions with one potential bidder for the business. If that fails, the recommendation of council officers is that the firm be instructed to build out homes currently under construction and sell the remaining sites in its pipeline, before being wound down.
Show Fullscreen
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.
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”.
Residential Secure Acquires 85 New Build Homes For GBP29 Million
Thu, 24th Dec 2020 13:35
(Alliance News) - Residential Secure Income PLC on Thursday said it has acquired 85 new build homes for GBP29 million from Brick By Brick, a development company set up by Croydon Council.
The real estate investment trust stated the portfolio of newly-completed homes which will be delivered as shared ownership properties comprises one, two and three-bedroom apartments in new developments in Upper Norwood, Thornton Heath and South Croydon in south London.
The transaction will be funded through the GBP300 million 45-year debt facility inked in July.
Residential Secure highlighted the deal brings its total shared ownership portfolio to 281 homes, adding that upon occupation, each home will be fully income generating, with an expected inflation-linked leveraged yield which supports the company s total return of 8% and dividend targets of around 5%.