News Release
Housing
Corporation agrees terms with UK urban regeneration developer First Base
Media
Contact: Sandra White 020 7393 2094 ref: xx/06
First Base, the residential-led urban regeneration
developer, has agreed the final terms on a contract to secure
funding from the Housing Corporation to build subsidised affordable homes in
England.
The
Housing Corporation has made an initial award of £4.32m to First Base to build
76 affordable homes in Southwark, South London. First Base will deliver the new mixed tenure, mixed use
scheme using a Special Purpose Vehicle (SPV). This exciting development is an
important first step in the regeneration of Elephant and Castle.
The funding for the much needed new homes has been made available under the Corporation's national investment programme.
Housing
Corporation Chief Executive, Jon Rouse, said, From a standing start a
little over a year ago, we have successfully created a new market in the supply
of affordable housing. This builds on the successful track record of housing
associations in providing good quality housing – while drawing on new
sources of expertise and innovation in the commercial sector.
We see this as the start of a long term relationship with First Base which I hope will see us build many homes together.
Ben Denton, Director of Investment and
Management at First Base said, We are delighted to further strengthen our
relationship with the Housing Corporation.
Through these innovative SPV structures
we are able to deliver flexible, sustainable, mixed-use developments to an
extremely high standard. First Base is committed to creating buildings,
environments and mixed communities, where people aspire to live and we are
excited to be able to deliver this in partnership with the Housing
Corporation.
Ends.
Note to
editors:
Picture
Caption
Left to Right
Ben Denton,
Director of Investment and Management at First Base
Jon Rouse, Chief
Executive – Housing Corporation
SPV usually means a joint venture set
up to deliver a specific project and is the term most often used to describe
the vehicle established by investors to deliver under the terms of a PFI / PPP
project agreement.
The Housing Corporation is the Government agency responsible for investing in new affordable homes and regulating over 1,500 housing associations across England. Its biggest ever investment programme of £3.9 billion for 2006-08 will fund 84,000 homes; 49,000 of these will be for affordable rent, and 35,000 will be for affordable sale through the Government's new HomeBuy initiative, helping people to get a foot on the property ladder.
First Base
Transforming
Urban Spaces and Building Communities
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 is currently involved in a
range of projects that will deliver mixed tenure housing in London and the
south east:
¥
selected
as a Development and Management partner with English Partnerships as part of
the London-Wide Initiative First
Base is working on five sites which will deliver over 1,200 homes, in London,
which has already started at Adelaide Wharf in Shoreditch.
¥
working
with Blackstone / Generation in a development and construction management role
on the KX200 regeneration project in Kings Cross to deliver a mixed-use scheme
comprising predominantly affordable student accommodation to over 850 students
and 100 homes
¥
selected
as a development and delivery partner to East Thames Group to implement their
ambitious housing plans in London.
¥
in
partnership with Lend Lease, First Base have been selected by the London
Borough of Newham for the regeneration of Canning Town and Custom House, and
are one of three short listed for the £1.5bn regeneration of Elephant and Castle.
For further information please visit www.firstbase.com
Or contact Lexis PR:
Catherine Greenwood / Jessica Gooch on
0207 908 6388 or cgreenwood@lexispr.com