Legal & General Affordable Homes acquire over 480 affordable homes from Birmingham City Council
23 December 2024
Legal & General Affordable Homes (LGAH) has acquired 487 homes from Birmingham City Council in Perry Barr, northwest Birmingham.
The acquisition, which has been funded by Legal & General Institutional Retirement, forms part of LGAH’s commitment to offering affordable housing options across the UK. .
With 187 homes for affordable rent, 159 for Shared Ownership and 139 for social rent, the new development is one of LGAH’s biggest to date and will generate a significant boost to the local economy as well as providing much-needed affordable housing.
LGAH is a Strategic Partner of Homes England and has been working in close collaboration with Homes England to enable the acquisition of the homes utilising funding from the 21-26 programme.
The scheme forms part of an ambitious regeneration plan to create a new neighbourhood with over 5,000 new homes and supporting infrastructure, including new commercial space.
Ben Denton, Chief Executive at Legal & General Affordable Homes, said: “Our vision is to provide everyone with an affordable, high-quality and environmentally sustainable place to live and grow. Our acquisition of the Perry Barr homes shows our commitment to delivering on this and investing in high quality stock, improving our asset portfolio and achieving improved returns.”
“Perry Barr is an exciting opportunity to help create a thriving new neighbourhood that contributes positively towards the local area and supports the council with tackling its housing challenges.”
Birmingham City Council said, “Our number one priority with the residential scheme at Perry Barr has been to create a positive and impactful legacy for the local community. Coming on board, LGAH has supported us to do that – moving at speed to make the homes ready for new residents and deliver much needed affordable housing.
“Our vision is to deliver best possible standards in housing and affordable homes for all who need it. Having a partner with aims so closely aligned to ours not only helps realise our ambitions but also brings greater benefits to our communities.”
The homes – most of which are rated EPC B – are expected to be ready for new residents to occupy from January 2025.