Co-investing alongside Thurrock Council to deliver affordable homes
4 December, 2020 | Long-term Leasing
We are delighted to enter into a long term agreement with Thurrock Council to help increase the supply of affordable and social rented homes in Thurrock.
This long-term leasing structure allows Thurrock Council to deploy RTB receipts (where available) at rent levels of c.50% of market rent. A key feature of the lease is that at the end of the lease, the ownership of all of the properties acquired by Phi, transfer to Thurrock Council.
On completing the deal, Cllr Barry Johnson, Cabinet Member for Housing at Thurrock Council said:
“This collaboration will ensure that we continue to provide much-needed affordable housing for our residents in Thurrock. We are committed to investing in housing, and this project will enable us to take another significant step to achieving this goal. More families, households and individuals across our borough should have access to, and be able to benefit from, high-quality housing."
Bevan Brittan Solicitors represented Thurrock Council in the negotiation of the structure, and Trowers acted for Phi – click here to read the Trowers press release following the completion of the deal.