PPHA, a registered provider of affordable homes, has purchased a portfolio of 156 affordable rental properties in Kent from UK homebuilder Barratt Redrow.
As PPHA’s largest transaction in value to date, this marks a significant milestone in its journey to tackling the UK’s housing crisis and providing safe and affordable homes for individuals and families in need.
The properties form part of The Poppies, a development of energy-efficient homes nestled in the historic town of Aylesford, Kent. It is well-connected to local amenities, wider transport networks and green space, as well as having plans for a primary school and medical centre to be built on site.
The homes will house 648 people through affordable rent, with a range of one-bedroom and two-bedroom flats as well as three-bedroom and four-bedroom houses available. The homes will be built over the next three and a half years, with the first due to be completed in December, and will bring much-needed affordable housing to the area.
PPHA is part of the HSPG group, a social impact investor on a mission to assuring Britain’s future by building partnerships, creating homes and developing communities. PPHA has now committed more than £327m to increase the number of affordable homes available through the registered provider across the country.
Daniel Watson, Head of PPHA Acquisitions, HSPG said: “We are committed to getting more affordable rental homes on the market as soon as possible. This urgent need is evident from the latest shocking statistics, which show that there are more than 169,000 children living in temporary accommodation.
“This first project with Barratt Redrow builds on our relationship with both entities in the past and is a big opportunity to bring even more high-quality affordable rent homes to completion, so people and families in Kent can have somewhere warm, safe and comfortable to live.”
William Walsh, Managing Director at Barratt Redrow Kent, added: “We are proud to partner with PPHA at The Poppies, where we can increase the number of much-needed affordable housing to local individuals and families in need. The Poppies is a thriving development with amenities including public open space, and is well-connected to the surrounding area, making it a desirable place for people to live. We look forward to welcoming our first new tenants over the coming months.”
PPHA partners with housebuilders to create affordable homes and sustainable communities and remains committed to forming new partnerships with developers to meet growing housing needs.