Gresham House ReSI LP expands affordable housing portfolio with GBP44m ilke Homes deal

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Gresham House Residential Secure Income LP (ReSI LP), a limited partnership investing in new build shared ownership, has agreed a GBP44 million deal with modular home developer ilke Homes for 153 factory-built homes in Stanford-le-Hope, Essex.

The deal comprises the freehold land acquisition and forward funding of 138 houses and 15 apartments, ranging from two to four bedrooms. Planning permission was granted in March and work on site is due to begin in late August, with the first handovers from March 2022.

The high-quality new homes will be delivered by ReSI LP’s wholly owned for-profit Registered Provider ReSI Homes Limited as shared ownership properties. Through this deal, ReSI LP is nearly doubling the borough’s stock of shared ownership homes and providing 99 more affordable homes than required by the local authority planning permission.

The first forward funding deal for ReSI LP also marks its first foray into the modular construction development space, whereby homes are created in sections on offsite production lines. This approach is widely recognised as an innovative solution to the affordable housing crisis and offers the potential to accelerate the delivery of housing, improve quality control and deliver enhanced sustainability by minimising waste and increasing airtightness, as well as energy efficiency.

In line with ReSI LP’s commitment to sustainability and biodiversity, the project includes a generous 2.6 hectares of green open space, which serves to enhance the ecological biodiversity of the site and provide a desirable setting for future residents.

Alistair Wardell, Investment Director at Gresham House, says: “The deal with ilke Homes provides an innovative and much-needed solution to the historic undersupply of shared ownership housing in the South East of England. ReSI LP is committed to helping alleviate the affordable housing shortage in the UK and delivering sustainable and innovative solutions to this problem. This project will deliver real-world benefits to residents in Stanford-le-Hope early next year and we look forward to working with ilke Homes throughout the process to maximise the potential of the development.”

Dave Sheridan, Executive Chairman of ilke Homes, says: “This investment from ReSI LP is testament to the growth of ilke Homes and the growing recognition of the potential of factory-built modular housing to address widespread regional housing shortages at speed and at scale. This substantial injection of cash will enable us to deliver an outstanding selection of affordable homes to an underserved region without compromising on quality or sustainability.”