Pocket Living to deliver over 150 affordable homes at Croydon plot
Affordable housing provider, Pocket Housing, is to forge ahead with plans to deliver 153 new housing units in Croydon after securing a multi-million pound loan deal.
The developer is to submit planning permission soon for the 28-30 Addiscombe Grove site on the back of close consultation with local residents.
Just a few minutes’ walk from East Croydon station, the new development will see the creation of 153 new homes of which 73% will be affordable homes available to first time buyers in the area, according to Pocket.
To help unlock development at the site, entrepreneur bank, OakNorth, has also agreed to lend Pocket Living £4m to help facilitate the scheme which will add to the affordable housing firm’s pipeline of 650 housing units across a number of London boroughs.
Commenting on the plans, Deepesh Thakrar, Debt Finance Director at OakNorth Bank,said: “Croydon is an area that has been transformed in recent years – its 20-minute proximity to central London and relative affordability compared to the capital, makes it a popular choice for first-time buyers looking to take their first step on the property ladder.
“Pocket Living has a proven innovative business model that will continue to grow in importance as the housing crisis deepens. We look forward to working with them in the future.”
Each unit in the scheme will be of the same specification, with two-bedrooms encompassed within 686 sq ft, and will also boast storage space for 196 bikes.
Following a similar model to Pocket Living’s other affordable schemes, the units themselves will only be sold to those who already live and work in Croydon, are eligible for affordable housing and are first time buyers.
Pocket Living co-founders Marc Vlessing and Paul Harbard, describe their housing developments as ‘city makers’ which attempt to retain an area’s character and culture by only inviting those who already call the surrounding area their home.
They added: “We are delighted to have secured finance to help with this deal – the team at OakNorth were incredibly supportive and communicative, ensuring that we knew how things were progressing throughout every stage of the deal.”
The UK is set to leave the EU on 31 October 2019. Are you preparing for Brexit? Complete the North East Growth Hub and Tees Valley Business Compass’ 3-minute survey →