Gentoo to deliver £417m Sunderland housing investment
Housing association Gentoo Group is investing £417m on improving its existing properties and bringing new homes to market.
The Sunderland-based group, which has over 28,000 properties in the city, will provide 1,100 new rental and properties for sale over the next five years as part of its 2019-24 business plan.
By 2024 the group aims to provide an additional 900 Sunderland homes for affordable rent, comprising both new builds and existing properties.
In addition the group’s commercial arm Gentoo Homes will build over 200 new homes for sale each year, generating an annual profit of approximately £4m which will subsidise the affordable housing.
Gentoo Group also plans to enhance existing properties as part of the business plan, including double-glazing fitting, fire risk works, painting and environmental improvements.
Nigel Wilson, Gentoo Group’s chief executive officer, explained: “Our five-year business plan is an ambitious programme of investment and house building but our tenants are at its heart.
“Gentoo is directly addressing the ongoing shortage of affordable rented homes in the city by committing to bringing 900 more properties to the market in the next five years.
“Together with our Gentoo Homes build programme, we will provide a huge choice of rented and private properties for the people of Sunderland and the wider region.”
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