Southern Housing Group completes major stock acquisition
Southern Housing Group, one of the largest housing associations in London and the South East, announced today that it has completed on a major stock acquisition – the largest it has undertaken since 2015.
The Group has purchased 496 homes from Hyde Group for £43m. The homes are situated in seven local authorities – Woking, Thurrock, Southend, Hastings, Rother, Wealden, and Sevenoaks – spanning across a range of tenures from general needs, shared ownership to supported housing. A further 28homes in Rushmoor will complete later this year.
The portfolio includes management agreements with seven different third-party registered providers and care & support providers. In addition, Southern Housing Group will directly manage a sheltered housing scheme in Hastings.
This acquisition is part of Southern Housing Group’s strategy to provide over 500 new homes every year until 2025 and follows on from the announcement last year of appointments to its new contractor framework for development worth around £630m over the next five years.
The Group is continuing to provide more new homes and will complete over 150 further new homes in six new schemes by the end of September 2018:
- The Featherstone , Islington - The Causeway, Worthing - London Lane, Hackney - Oaklands Court, Wokingham - Hawkinge, Shepway - New Romney, Shepway
Alan Townshend, Group Development Director at Southern Housing Group, said:
“We are delighted that all the hard work on this stock acquisition has now delivered and we extend a very warm welcome to all those customers joining us today.
“This marks an important milestone for Southern Housing Group, and moving forward our New Business Team will continue to work to identify new stock acquisition opportunities in London and the South East as we focus on delivering the Group’s corporate objectives through our development strategy.”
The Group is looking forward to starting work on site at Free Wharf in Shoreham-by-Sea later this year which will provide a further 540 new homes.
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