Developer to create pocket living to deliver affordable housing
LONDON: A developer is setting about creating ‘pocket living spaces’ in order to deliver affordable housing.
Pluto Finance has completed a £19.3m loan for Pocket Living to support the housing developer to deliver future affordable schemes.
The 12-month loan facility, structured by LEXI Finance, was secured against Pocket Living’s recently completed Addiscombe Grove scheme in Croydon, south London.
The development — delivered as a joint venture between Pocket Living and housing association Optivo — comprises 153 affordable homes, including 112 one-bedroom apartments and 41 houses.
The flats are available exclusively to first-time buyers who live or work in London and earn under the Mayor of London’s income threshold for affordable housing, with prices starting from £260,000.
Each apartment has access to three landscaped roof gardens, as well as amenities, including a residents lounge, co-working space, a wellness room, and cycle storage.
Meanwhile, the 41 houses will be available for shared ownership.
Addiscombe Grove was designed by Metropolitan Workshop and was completed in March this year.
Paul Rickard, chief financial officer at Pocket Living, said: “This £19.3 million funding agreement marks Pocket’s second deal with Pluto Finance and demonstrates its confidence in us and our model, as well as the need to continue delivering homes for those who otherwise might not be able to get on the ladder in their local area.
“We recently completed our 1,000th home at Addiscombe Grove in Croydon and, with the support from providers, such as Pluto Finance, we look forward to delivering many more much-needed homes across London and beyond.”
Greg Dunne, lending director at Pluto Finance, added: “Pluto Finance is delighted to have completed a second loan with Pocket Living, further showing our belief in its model and product, but also strengthening our relationship with them.
“At Pluto, we pride ourselves on repeat business with our clients, helping to deliver a flexible and efficient service for all their funding requirements.’’
Sam Le Pard, director at LEXI Finance, added: “Pocket Living and Pluto were a great match, so we were glad to have structured the facility and brought these partners together.
“Greg and the Pluto team quickly understood Pocket’s unique model and presented incredibly competitive terms.
“LEXI is proud to have supported Pocket Living in its delivery of affordable houses for local people and we are looking forward to working with both parties again in the near future.”
