Housing specialist invests £11.5m in delivering 95 new units
HSPG, the Manchester-based national social impact real estate firm, has announced an £11.5m investment to deliver supported housing across 11 local authorities.
The investment is in partnership with Kingsley Napley and Abacus Solicitors and will provide 95 units of supported housing across 11 local authorities.
The new units delivered by HSPG will be let at an average weekly rent of just £105, assisting local authorities to house some of the most vulnerable members of their communities.
A sizeable portion of the units will be located in Stoke-on-Trent, which has seen house prices rise disproportionally to the national average due to lack of housing supply.
Similarly, the shortage of housing stock in Leeds has dramatically impacted rents and house prices in the Yorkshire city. HSPG’s latest investment will deliver new units to the area, helping increase supply and improve affordability.
Serving councils across the country, from Greater London to the Midlands, Yorkshire, and Lancashire, HSPG is continuing its mission to deliver high quality housing to areas which are in desperate need of affordable and supported housing supply. House prices are predicted to end the year eight per cent higher than at the end of 2021.
HSPG recently opened a third office in Leeds after staff numbers doubled in size over the past two years.
Mark Edwards, HSPG investment director, said: “We are thrilled to announce this new investment which represents a further addition to our recent landmark transaction of 592 units earlier this month. Providing more supported housing to communities across the country is part of our mission to alleviate the homelessness crisis, a critical endeavour in the context of the cost of living crisis and rapidly rising house prices.”
Daniel Clyne, senior associate, real estate, at Kingsley Napley, said: “There is a significant shortage of supported housing in the UK so we are delighted to have been able to assist HSPG on this investment. We have extensive experience advising clients on residential portfolio transactions and look forward to continuing to support HSPG with their ambitious plans.”
Sean Daly, consultant at Abacus Solicitors, said: “At Abacus, we are well versed in transactions of this kind and we are especially proud to help bring much needed investment in housing to the North West. Investment in social housing is crucial at the current time and we are happy to help HSPG lead by example.”
Earlier this month HSPG completed its largest single investment to date, worth more than £70m, to deliver 592 units of low-level supported housing.