Gresham Home Residential Safe Revenue LP (ReSI LP) has acquired 469 shared possession houses in Cornwall for £46mn from Ocean Housing. The houses – 438 homes and 31 flats – have been developed by Ocean Housing throughout Cornwall.
The acquisition was made inside ReSI LP by ReSI Houses, its wholly owned registered supplier of social housing. As a part of the transaction, ReSI Houses has entered right into a 20-year administration settlement with Ocean, offering continuity of service for residents. It’s ReSI LP’s first main acquisition in Cornwall and its first transaction with Ocean Housing, which owns round 4,800 houses.
The transaction has obtained robust help from key stakeholders reminiscent of Cornwall Council, which acknowledges the numerous capability this unlocks for Ocean to ship new inexpensive housing while persevering with to put money into the standard of its current houses. Cornwall faces an inexpensive housing disaster as a result of each restricted provide of recent housing and a excessive home worth to earnings ratio of 11x, in contrast with the nationwide common of 7x.
The transaction marks an necessary milestone for ReSI LP, which has now accomplished transactions with a lot of main housing associations reminiscent of Orbit, Metropolitan Thames Valley and Swan Housing. ReSI LP has not too long ago additionally funded 351 new inexpensive houses throughout Somerset, Wiltshire, Kent and Suffolk.