Le Lézard
Classified in: Business

£85 Million New Initiative For Affordable Housing, Launched by Orchard & Shipman

SLOUGH, England, Aug. 4, 2021 /PRNewswire/ --In the first initiative of its kind, an £85 million approach to funding for affordable housing with variable tenures that can last from one day to a lifetime is launched today by Orchard & Shipman.

Orchard Shipman Logo


Working with specialist advisors Revenue and Capital, the property management group has secured £85 million to provide up to 300 affordable housing units in a Joint Venture with Bromley Council.

With funding provided by a major institutional investor and Bromley Council, Orchard & Shipman will be responsible for sourcing, buying and then managing the properties on a fully insuring and repairing basis for 50 years after which ownership will revert to Bromley Council. These properties will be returned at no cost to the local authority.

"This new funding initiative aims to speed up the urgently needed acquisition of affordable housing for those who find themselves homeless and in temporary accommodation with good quality permanent homes," said Chris Shipman, Chief Executive of the Orchard & Shipman Group. "It has long been known and understood that bad housing is a major contributor to poor health, poor education and poor employment opportunities and the Covid pandemic is just making this worse. As a registered provider of affordable housing this is exactly the type of social project we want to be involved in."

Councillor Peter Morgan, Bromley's Executive Councillor for Renewal, Recreation and Housing said, "We are excited at the potential to increase our housing supply which will not only provide much needed housing for residents we need to support but is also another example of how careful financial management can go hand in hand with delivering housing. This is positive news for those residents who may find themselves in temporary accommodation for longer than ideal, and for council taxpayers."

Said John Knevett, Chairman of Orchard & Shipman Homes Ltd and previously Chief Executive of A2 Housing, "With the traditional housing association sector retrenching, the market is in desperate need of new entrants and new funding models with the right long-term motives and good quality services. Novel creative models like this are perfect to help add to the numbers of additional affordable homes."

Richard Walsh of Revenue and Capital said, "We welcome Bromley Council's and Orchard & Shipman's approach to funding social housing stock and are on hand to support other Councils with the same market leading and flexible funding solution."

Established in 1988 Orchard & Shipman are a specialist housing group and have been working with the London Borough of Bromley for over 10 years. The Group has long-established relationships with Local Authorities in Scotland and England and also manage properties on behalf of the Ministry of Defence.

Orchard and Shipman website link

Logo - https://mma.prnewswire.com/media/1551778/Orchard_Shipman_Logo.jpg



These press releases may also interest you

at 10:00

1 oct 2022
Consolidated Edison, Inc. ("Con Edison") today announced that it entered into a purchase and sale agreement pursuant to which Con Edison agreed to sell its interest in its wholly-owned subsidiary, Con Edison Clean Energy Businesses, Inc. and its...

1 oct 2022
Dylan Bowman, Red Bull athlete and multi-time ultra trail running champion, has entered a partnership with Japanese outdoor apparel brand, Goldwin. Bowman is Goldwin's first US athlete and will help to grow Goldwin's running apparel line in the US....

1 oct 2022
Yiwu is the world's capital of commodities, Yiwugo.com is the official website of the Yiwu Commodity Market, which is the largest commodity wholesale market in the world. Yiwugo hosts 50,000 merchants and 10 million registered buyers, 10% of whom are...

1 oct 2022
Development finance leader Alvaro Lario takes the helm of the UN's International Fund for Agricultural Development on Saturday with an urgent mission to battle poverty and hunger among the world's rural poor as they face existential threats of...

1 oct 2022
Today, the Minister of Seniors, Kamal Khera and the Minister of Health, Jean-Yves Duclos, issued the following statement: "Happy National Seniors Day! Every year, on October 1st, we celebrate seniors in Canada and express our gratitude for all of...

News published on 4 august 2021 at 11:16 and distributed by: