Regeneration scheme completes to offer 132 shared ownership homes

A London housing association has completed on the sale of 132 private units that have been converted to shared ownership.

Metropolitan Thames Valley Housing (MTVH) has sold the properties for £60m to ReSI Housing as part of a major regeneration scheme in Clapham Park.

MTVH will retain management of the properties, which will now be sold via its shared ownership brand, SO Resi.

The partnership between the not-for-profit and profit organisations was forged to leverage the expertise of both organisations, in order to accelerate delivery of affordable housing in the area.

Clapham Park, located between Clapham, Brixton, Streatham and Balham, forms part of MTVH’s regeneration project which will deliver 2,500 new homes, a community hub, a new community centre and new shops.

MTVH will recycle the proceeds from the sale into further developments.

Kush Rawal, director of residential investment at Metropolitan Thames Valley, said: “This is an exciting partnership with ReSI Housing as we work together to deliver on a simple aim; to increase the supply of affordable housing.

“At MTVH we’ve always recognised partnership working as the cornerstone of our success. The sheer volume of homes that our nation needs will require us to come together and work in innovative ways to help meet the growing challenges faced by the industry.

“By bringing the public and private sector together in this way, we can take great strides to help meet these targets with purpose and urgency.

“Shared Ownership has always been an important part of our history and will certainly play an increasingly important role as we attempt to meet future affordable housing needs.”

Ben Fry, investment manager of ReSI Capital Management Ltd, ReSI’s fund manager, added: “This is an example of how ReSI is able to add to the delivery of much-needed affordable housing in the UK, demonstrating our ability to acquire Shared Ownership portfolios through partnerships with Housing Associations.”