PRESS RELEASE (11th September 2015)
Larkfleet Limited (“Larkfleet”), a UK top 50 house builder, and Heylo Housing Limited (“Heylo”), a newly created joint venture with a leading local authority, have signed a 5 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 including a portfolio of properties developed by a national top 5 house builder and this is the second long term agreement Heylo has entered into in the last 4 weeks.
Nicholas McAlpine-Lee, CEO of Heylo said “We are delighted to be entering into our second long term agreement and proud to be doing so with a highly respected housebuilder such as Larkfleet. ‘Home Reach’ is a new developer-led model for the delivery of new build shared ownership homes. It will support the much-needed supply of affordable housing across Larkfleet’s key operational areas of Lincolnshire, Cambridgeshire and Rutland – as well as having the potential to support Larkfleet’s recently announced plans to expand across the rest of the UK.”
“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, is in the process of signing 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 Larkfleet 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.”
Karl Hick, CEO of Larkfleet Group, said; “We are delighted to have signed this Home Reach agreement with Heylo which will help underpin the Larkfleet Group’s development and growth ambitions with a partner who can give us certainty, simplicity, and reliability over the next 5 years.”