Pocket Living teams up with French builder on London scheme
16/5/23
Pocket Living has secured up to £100m in bank funding to accelerate affordable homes schemes for London's first-time buyers.
It is Pocket's third facility with Lloyds Bank which collectively has funded over 1,000 homes to date and will remain as the developer's principal senior lender.
The first tranche of cash drawn down will fund Pocket's affordable development at Sheepcote Road in Harrow.
The 100% affordable scheme is expected to complete in August 2024 and will deliver near 150 one-bedroom homes available at a 20% discount to market value to local first-time buyers living and working in Harrow.
Large French real estate development and construction business Legendre UK will be main contractor at Sheepcote Road in the first of a new project collaboration with Pocket.
Thomas Vandecasteele, managing director at Legendre UK, said: "We are thrilled to announce our partnership with Pocket Living.
"As the second of its kind for Legendre UK, this collaboration underscores our unwavering commitment to the UK market. Our solution-focused approach and dedication to working closely with our clients are clearly reflected in this partnership."
This collaboration is the first of its kind for Pocket and will closely align the organisations' commercial interests. Pocket is immensely excited by this new partnership.
The development forms part of a wider commitment from the housing developer to deliver a further 1,500 homes over the next five years.
Paul Rickard, Chief Financial Officer at Pocket Living, said: "We have built over 1,000 first-time buyer homes with Lloyds Bank and this new funding allows us to not only build on that with up to a further £100m in development funding, but also introduces important new flexibilities that allow us to partner in a new way, including with Legendre UK."
"With this vote of confidence and by introducing new ways of working in response to the current market challenges we will be able to deliver even more affordable homes for London."
Source: Construction Enquirer