Press Release

14th December 2006

 

FIRST BASE SECURES FINANCING TO BOOST KEY WORKER HOMES IN LONDON

 

Residential led urban regeneration developer, First Base, has entered into a joint venture agreement with Morgan Stanley Real Estate Funds and Bank of Scotland to fund and create four new residential projects across London. Original forecasts for key worker homes within the four schemes will increase by 25% compared to previous estimates.

 

Thejoint venture projects will support nearly £250m of development on sites being delivered with English Partnerships, the Government's national regeneration agency, as part of the London-Wide Initiative. Bank of Scotland is also providing the requisite debt financing.

                                                                                                                           

Across the four sites, over 900 homes will be delivered, of which approximately 45% will be affordable. This programme will help over 350 key workers and first-time buyers to get onto the housing ladder in the capital.

 

The four mixed-tenure developments financed under the new deal are located in Islington and Limehouse, as well as two schemes at Elephant & Castle. They will exemplify the First Base approach to residential development by incorporating Modern Methods of Construction with great design to transform urban spaces and build communities.

 

Ben Denton, Director of First Base, comments: This is an exciting achievement for us and shows the opportunity to leverage in private capital to the affordable housing sector.  Further this highlights the opportunity for the private sector to work closely with the public sector and Government to deliver more much-needed mixed tenure homes for the limited funds available.

 

"We are making great progress in creating more high quality, sustainable and affordable homes across the capital. This latest deal cements our position as one of London's leading regeneration developers."

 

Steve Oakes, English Partnerships' London-Wide Initiative Project Director, comments: ÒThe London-Wide Initiative is an exciting pilot programme that has established a new mechanism for delivering new homes for key workers. Committing a portfolio of sites to a development partner from the outset has clearly enabled effective engagement of financial institutions, which will in turn result in even more key worker homes being delivered."

 

The projects all start on site in 2007 and will be completed by 2009.

 

- Ends -

 

Media Contacts:                

Catherine Greenwood / Jessica Gooch          

Tel: 020 7908 6586                                                           

Email cgreenwood@lexispr.com / jgooch@lexispr.com

 

Notes to Editors:

 

First Base

First Base is the residential-led urban regeneration developer that creates stylish homes in great urban spaces.

•      It transforms the way that properties are built - using best practice modern construction methods that keep costs low yet quality high, embrace sustainability and ensures value for money.

•      It transforms the way that communities are formed - with a mix of tenures, a range of homes, a commitment to high quality management and services that make friends of neighbours.

•      And it transforms the way that style meets function - with attractive designs, inside and out, that do more than simply look good.

 

Designed by renowned architects, built by skilled craftspeople, managed by experts, First Base homes are quality, sustainable properties for purchase or rental.

 

First Base was included in the 2006 RIBA ÔTop 50 ClientsÕ survey for its innovative approach to quality design, using renowned architects including Glenn Howells, AHMM, Richard Rogers Partnerships and Fletcher Priest for a range of projects across the capital.

 

For further information please visit www.firstbase.com

 

English Partnerships

English Partnerships is the government's national regeneration agency. Our aim is to deliver high quality, sustainable growth in England. We do this by developing out portfolio of strategic projects and acting as the government's specialist advisor on brownfield land. We also ensure that surplus public sector assets are used to support wider government objectives, especially those contained in the Sustainable Communities Plan. English Partnerships helps to create communities where people can afford to live and want to live, and supports the urban renaissance by improving the quality of our towns and cities. Information on projects and programmes can be found at www.englishpartnerships.co.uk

 

The London-Wide Initiative pilot scheme was launched to fast-track more affordable homes in Greater London. The scheme will focus on a portfolio of sites, selected as a test-bed for introducing a range of new ideas for the delivery of homes. The pilot scheme will deliver up to 4,500 homes over the next five years of which around 1,500 will be affordable homes for key workers. Three development partners have been selected to work in partnership with English Partnerships to deliver homes through the London-Wide Initiative; First Base, Key London Alliance and a consortium led by Countryside Properties plc.