An ambitious strategy to provide further contemporary affordable accommodation, services and facilities for 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.
- 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 site in the vibrant and emerging regeneration area of Colindale, North London, has been secured.
- The site, which is located close to good transport links and high-quality amenities, will provide up to 156 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 has been submitted and is now being considered by LB Barnet. A planning decision is expected towards the end of 2019. Construction will then take around two years to complete. It is anticipated that the scheme will open in late 2021.
The next aim of our Board is to research, discuss and adopt a bold new strategy for further development and growth during and subsequent to the construction of our Colindale scheme. We hope to adopt the strategy by early 2020.
Our overall aim is to position ourselves as the not-for-profit London landlord that offers the accommodation and communities that young people 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.