An ambitious strategy to provide further contemporary affordable accommodation, services and facilities for up to 250 young people in great London locations has been adopted by our Board.
This followed on from an options appraisal study on our ageing Hampstead scheme, which concluded that the option to sell the property with a view to re-providing elsewhere in the capital was by far the most attractive in terms of value, risk and flexibility.
Funded by the sale proceeds and additional borrowing, the aim is to provide the new accommodation in the equivalent of two further housing schemes, each similar in size to the Hampstead property.
The Hampstead property has been sold. This followed on from an extensive professional marketing campaign.
A specialist firm of Development Consultants has been appointed to help locate and procure suitable sites on which to develop and to attend to all aspects of project management thereafter.
A number of potential opportunities have been identified for assessment and consideration.
Contracts have completed in relation to a new scheme in the vibrant and emerging regeneration area of Colindale, North London.
The site, which is located close to good transport links and high-quality amenities, will provide up to 158 en-suite bed-spaces for rent in a new-build development for young people in the early stages of their careers who cannot afford to rent or buy in the private sector.
It will also provide communal areas, office spaces, launderette facilities, garden spaces and a number of commercial units.
A planning application is now being drawn up for submission to reflect our proposals. Construction will then take around two years to complete. It is anticipated that the scheme will open in the summer of 2021.
Our overall aim is to position ourselves as the housing charity that offers the accommodation and communities that those whom we set out to house want to live in rather than have to live in due to there being a lack of affordable housing options elsewhere and to do so at great prices and in great locations.