Property group invests £23m in latest supported housing scheme
HSPG, the Manchester-based national social impact real estate firm, has announced a new investment, worth £23m, to deliver 169 units of supported housing in 11 local authority areas in England, including the North West and Midlands.
This is in partnership with law firm Kingsley Napley and Abacus Solicitors, which has offices in Manchester and Warrington.
HSPG is focused on tackling homelessness across the UK, and this latest scheme follows its £80m venture providing almost 700 homes in June.
A significant proportion of the new units will be in Oldham, in Greater Manchester, while more than 10% will be in Wolverhampton, where almost 40% of children are living in poverty, placing it in the top five most deprived regions in across the three Black Country boroughs.
Each of the units has an average weekly cost of £138.49.
With inflation reaching 9.4% and families struggling with a worsening cost of living crisis, England’s homelessness rates are rising. HSPG strives to invest in new housing projects to protect those who would otherwise be left behind.
Mark Edwards, investment director at HSPG, said: “This investment marks the next step in the HSPG journey and further cements our commitment to bringing supported housing to people right across the country. As the cost-of-living crisis spirals, it is essential for us to act now to prevent homelessness from becoming more widespread.”
Daniel Clyne, senior associate, real estate, at London-based Kingsley Napley, said: “Delivering 169 units of supported housing across 11 local authorities is a huge achievement and it has been a pleasure to advise HSPG on yet another investment. We look forward to being able to continue to support HSPG with their upcoming pipeline of transactions.”
Sean Daly, consultant at Abacus Solicitors, said: “We are proud to have worked with HSPG to deliver this impressive investment that has the potential to transform the lives of hundreds of individuals during a very difficult time. As a business also based in the North West, we are delighted to bring much needed supported housing to our local area.”
Among the local authority areas to benefit from the latest investment are Rossendale, Salford, Warrington, Pendle and Oldham in the North West, and Stoke on Trent, Wolverhampton and Walsall in the West Midlands.
