An £82 million deal – between Long Harbour, Explore Investments, Jerram Falkus and Laing O’Rourke – will build the first totally privately funded affordable social housing schemes in the UK.
The flats will be part of the William Street Quarter and Eastern End Thames View schemes.
Each property will be available to local people at affordable rents, ranging between 50 per cent and 80 per cent of local market rates.
The scheme is entirely self-financing on the basis of a sale and leaseback structure from the rents paid over the term of the lease. At the end of the lease period, all the properties will automatically transfer into full ownership of the council.
The homes are being built on unused land belonging to the local authority, with many of the tenants coming from the council’s own housing list.
The council has responsibility to manage and look after the properties, based on a fully funded management and repairing costs forecast, which is ring-fenced from the income produced by the assets.
Enabling works have started on the Thames View site, and the first phase of units is expected to be completed in December 2013
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