Summary
Golden Lane Housing
Golden Lane Housing (GLH) works with people with learning disabilities to provide supported housing around which they can build their lives. They were established as an independent registered charity by Mencap in 1998 to help tackle the immense challenges that people with a learning disability face in finding a home.
After first contact was made last year, the relationship between Housemartin and Golden Lane Housing is now starting to bear fruit. We are in discussions with their 3 regional managers in England about potential opportunities. In the Midlands region we have had offers accepted on three properties, two of which are currently tenanted by GLH tenants. (see pipeline for details). We will be signing new 7 year leases with GLH on the completion of each property.
We are also in conversations with Bellway as to whether a block of flats in a new development in Milton Keynes can be purchased and leased to GLH for the purpose of supported living accommodation.
United Response
After completing our first purchase for United Response – a charity that supports people with learning disabilities, autism and mental health needs – we have now had an offer accepted on a second property in Chippenham, Wiltshire. Similar to the first property, this one has been identified by the local care team to rehouse a resident currently in unsuitable accommodation. The two bedroom flat will be fitted with a hoist that should be paid for with an Occupational Therapy grant.
United Response have also shared requirements for blocks of flats in West Sussex, Cornwall and Suffolk so we have begun work to identify suitable property in these areas.
Nacro
Work with social justice charity Nacro continues as we have now purchased 8 properties with a further property in Orpington likely to complete in July. Nacro have given us the mandate to look for similar housing in Swindon, Gloucester, Worcester and Telford so we hope to add more to the pipeline soon.
Other
We are in advanced discussions about the purchase of a children’s home near Birmingham. This property would be leased to the provider on a 15 or 20 year term on an internal repairing lease. It is a new and growing family run operator with whom we believe we can partner with as they look to grow using a lease model. This would offer investors further diversification into the residential care sector.
Conversations continue with several other development partners of large housing associations about the purchase of schemes providing specialised supported housing. We hope to be able to provide an update on the outcomes of these in the near future.
Please see our pipeline page for details of all properties on which we have had offers accepted.
Profiles of property in pipeline
| Town and postcode | Orpington BR5 | Chippenham SN15 | Nuneaton CV11 | Coalville LE67 | Shrewsbury SY4 |
|---|---|---|---|---|---|
| Charity | Nacro | United Response | Golden Lane Housing | Golden Lane Housing | Golden Lane Housing |
| Area | St Pauls Cray | Chippenham | St Nicolas Park | Coalville | Wem |
| House type | 3 bed terraced | 2 bed flat | 3 bed bungalow | 3 bed semi-detached | 3 bed bungalow-new build |
| RICS valuation | 355,000 | TBC | TBC | TBC | TBC |
| Housemartin Price (£) | 355,000 | 165,000 | 255,000 | 180,000 | 299,950 |
| Lease length (years) | 10 | 7 | 7 | 7 | 7 |
| Net yield | 5.5% | 5.5% | 5.0% | 5.2% | 5.0% |
| Completion | provisional 16 July 2021 | Searches being undertaken | Beginning legals for purchase | Beginning legals for purchase | Reservation fee paid |
Please note
RICS valuations will be carried out prior to the purchase of the properties. Given these are sometimes carried out prior to HMO conversion works they may not capture any uplift in value resulting from additional rental income that can be gained by renting a property out by the room.
Tenant profile → Nacro
Nacro is a social justice charity founded in 1966. One of Nacro’s main aims is to ensure that disadvantaged young people and adults reach their full potential in life. Good quality and appropriate housing is often the first step to unlocking this potential by laying the foundations for stability and improvement. Housing is, therefore, integral to Nacro’s work.
Over the last 50 years, Nacro has developed specialist housing knowledge and expertise in delivering housing solutions for vulnerable groups. This includes people that have experienced homelessness due to current challenges in the housing market.
Nacro currently provides a range of accommodation options including supported housing, floating support services and Nacro’s social lettings agency – Nacro Homes Agency.
They have expertise in meeting the specific needs of people who have been homeless, care leavers, young people including teenage parents, women, families, former members of the regular armed forces, victims of domestic abuse, people experiencing mental illness or impairment, people experiencing alcohol or drug issues, people leaving prison and people in wider contact with the criminal justice system.
Tenant profile → United Response
United Response were founded in 1973 with just one service in West Sussex. They now support around 2,000 people, work in 400 locations across England and Wales and employ more than 3,500 staff.
They support adults and young people with disabilities to live the life they choose. That includes people with learning disabilities, physical disabilities, autism and mental health support needs. They can help with things like day-to-day living, finding a house or a job, education, and activities in the local community.
As well as supporting people, they campaign on disability awareness and social care policy, provide expert guidance for professionals and carers and make easy to read information, like Easy News.
Tenant profile → Golden Lane Housing
Golden Lane Housing is one of the country’s leading supported housing landlords for people with a learning disability. They were established as an independent registered charity by Mencap in 1998 to help tackle the immense challenges that people with a learning disability face in finding a home. Recognising that people with a learning disability have different wants and needs when it comes to their home, they provide high quality rented housing tailored to meet a person’s specific needs across England, Wales and Northern Ireland.
They adopt a joined-up approach to provide housing solutions, building good relations with individuals, families, social services, nearly 160 support providers including Mencap, local authorities, housing associations, developers, landlords and other organisations.