An ambitious strategy to provide contemporary affordable accommodation, services and facilities for up to 250 young people in good London locations was adopted by our Board during 2013.
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 London was by far the most attractive in terms of value, risk and flexibility.
Funded by the sale proceeds and by additional borrowing, the aim is to provide the new accommodation in the equivalent of two further housing schemes, each similar is size to the Hampstead property, by 2019.
Good progress has since been made in the delivery of the strategy.
o The Hampstead property has been sold. This followed on from an extensive professional marketing campaign.
o A specialist firm of Lead Development Consultants has been appointed to help us to locate and procure suitable sites on which to develop and to attend to all aspects of project management thereafter.
o A number of potential opportunities have now been identified for initial assessment and consideration.
The overall aim of 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.