Project Oak consists of 192 homes made up of one, two, and three-bed units with 77% of those being two-bedroom homes. The London Borough of Ealing owns 59% of the freeholds. The rent and void period are 100% guaranteed by the London Borough of Ealing for the next 55 years.
Sillence Hurn was commissioned by the vendor, Safe Haven London, to undertake a sample stock condition survey of the residential portfolio and prepare a report with extrapolated expenditure estimates. The survey and report provided an independent opinion of a 30-year profile of likely costs that would fall to the owner of the portfolio to assist with financial planning and cash flow.
Adil Rashid, Chief Development Officer at Shepherds Bush Housing Group, said: “This is a fantastic acquisition, which strengthens our commitment to affordable housing in one of our core boroughs. The portfolio of 192 homes provides us with an immediate income stream that can be reinvested in our homes as well as our cladding remediation programme. The residents will have peace of mind that an established Housing Association is ultimately responsible for their homes. The residents will not notice any change in the service they receive as Plexus will remain the managing agent for this portfolio for at least the next 15 years.”
Adil went on to say: “I would like to thank our colleagues at Safe Haven London, Plexus, the London Borough of Ealing, Gerald Eve, Crossland Otter & Hunt, Cushman Wakefield, FFT, Captsticks, Penningtons Manches Cooper and Sillence Hurn for making this deal possible.”
Matt Campion, Chief Executive Officer at Shepherds Bush Housing Group, said: “This is a great deal for all involved. The residents have the security of being managed by a mature Housing Association with over 5,000 properties across London. It allows Safe Haven London to invest the proceeds of this deal into charitable ventures elsewhere and it increases the density of our homes in the borough of Ealing making our operations in the area more efficient.”
Alex Hurn, Managing Director of Sillence Hurn, added: “Congratulations to Shepherds Bush Housing Group on this fantastic acquisition from Safe Haven London. It was a pleasure assisting with Project Oak. Our independent opinion of the portfolio provided an overview of likely costs and estimates helping to plan future maintenance and reduce risk.”