HSPG's £11.5m investment in Supported Housing
Our new £11.5m investment delivering 95 units of supported housing
In June 2022, we announced the completion of a new investment, delivering 95 units of Supported Housing across 11 local authorities. The investment is completed in partnership with Kingsley Napley and Abacus Solicitors, with HSPG investing £11.5m in the much-needed delivery of new housing.
Following our largest single investment earlier in June, this delivery underlines our commitment to alleviating homelessness across the country. These new units will be let at an average weekly rent of just £105, providing an affordable and sustainable solution for local authorities to house the 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, as three-quarters of people who have tried to move home in the last six months have been unable to do so. Our 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, we’re continuing our mission to deliver high quality housing to areas which are in desperate need of Affordable and Supported Housing supply, in order to protect and revitalise communities. Decades of underinvestment and missed building targets have made this task more urgent than ever.
The completion of this transaction follows news that house prices are set to end this year 8% higher than they were at the end of 2021, with June marking new record highs in the market. As inflation is predicted to reach double figures this year, the homelessness crisis is worsening, and new housing supply is urgently required to meet the living needs of millions of citizens.
This investment also follows recent news that we’ve opened a third office in Leeds after staff numbers have doubled in size over the last two years. We also strive to invest in new housing with excellent sustainability standards to reduce the overall impact of the built environment on the UK’s carbon emissions, providing a holistic and sustainable solution to the UK’s homelessness crisis.
Mark Edwards, Investment Director at HSPG, commented: “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, commented: “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 added: “We are delighted to have partnered with HSPG on the delivery of this significant Investment. 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.”