Affordable housing developer Pocket Living has sold two affordable rental properties worth a total of over £70 million.
Pocket Living said the deals provide over 250 homes across London, the majority for rent at discounts to market and demonstrate the investor demand for well-priced rental assets in London.
The move also comes at a time of unprecedented rental demand within the Capital and a critical shortage of housing options in London and across the UK.
According to Pocket’s recent ‘Breaking Point’ Report, over three-quarters of renters now claim housing is unaffordable in the capital and over half (51%) feel that supply is poor, a figure which has increased from just 29% in 2021.
Advised by CBRE, Pocket has just completed the sale of a 197-home asset at Osier Way. The scheme which is a majority rental offer will help address some of London’s significant housing challenges and once again demonstrates Pocket Living’s commitment to innovation in the affordable housing space.
Pocket has also completed the sale of an affordable rental scheme at King’s Cross to CBRE Investment Management (CBRE IM) on behalf of its UK Affordable Housing Fund. Cadence, a development of 60 homes, provides housing to local people in Camden.
Paul Rickard, Chief Financial Officer at Pocket Living, said: “It should not be underestimated how important this milestone is for the development and growth of Pocket Living. For 18 years, we’ve been at the forefront of innovation in London’s housing sector, and our delivery in the rental market is a continuation of this legacy. We remain deeply committed to providing affordable housing for working Londoners, and these two developments are a testament to this commitment.”
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