PRESS RELEASE (27th August 2015)
Bellway PLC (“Bellway”), the UK’s 4th largest national house builder, and Heylo Housing Limited (“Heylo”), a newly created joint venture with a leading local authority, have signed a 3 year contract to deliver affordable shared ownership homes across the country required as part of planning obligations.
Heylo has acquired over 500 properties in 25 local authorities since it launched in September 2014. This includes a portfolio of properties developed by Bellway’s affordable housing subsidiary, Bellway Housing Trust.
Nicholas McAlpine-Lee, CEO of Heylo said “We are proud to partner with Bellway and delighted to bring this new developer- led delivery model for new build shared ownership homes, known as Home Reach, to the market.”
“The Home Reach contract, a first of its kind, is a re-useable suite of development and sale agreements designed to operate across multiple sites to maximise efficiency and enhance value from affordable housing delivery.”
Heylo, which is backed by local authority pension fund investment, expects this to be the first in a series of contracts with national and regional house builders to drive affordable housing delivery and to satisfy current and future Section 106 obligations.
Nicholas McAlpine-Lee again; “Heylo’s efficient operating model and long term funding is able to deliver improved receipts from affordable shared ownership homes which can be employed to unlock viability challenges and maintain affordable housing delivery.”
“Home Reach provides Bellway with full control over construction, specification, delivery and sales of shared ownership affordable housing properties with the contractual certainty of satisfaction of Section 106 obligations by an approved alternative affordable housing provider unaffected by the recent changes to the housing association sector model.”
Simon Scougall, Group Commercial Director of Bellway said; “We are delighted to have concluded the sale of the Bellway Housing Trust properties and to have signed this Home Reach agreement with Heylo which will help underpin Bellway’s development and growth ambitions with a partner who can give us certainty, simplicity, and reliability over the next 3 years.”