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Working families win out in housing association deal
Some of Manchester’s most hard working families will benefit from a successful deal struck between Arawak Walton Housing Association and Adactus Housing Group.
The association has increased its homes in management by 20 properties purchased from Adactus Housing for £1.06 million.
The deal allows both associations to further our individual longer term plans, whilst maintaining current levels of social housing within the Manchester area.
The 20 homes are located in local inner city boroughs of Manchester and Arawak Walton will invest a further £400k in refurbishment of the properties before offering them to families. The new properties will sit alongside the association’s existing stock in these areas, further enhancing the neighbourhoods in which we work.
For Adactus, this deal will free up capital for their association to invest in their new house building programme, a long-term strategic aim for the association, which operates throughout the North West.
The new homes are expected to be ready for occupation by the end of March 2017, and will bring Arawak Walton’s total homes in management in the Greater Manchester area to around 1,050 homes. When completed, they will be let at social housing rents, which are typically £30 – £50 a week cheaper than properties with private landlords which can often be of poor quality. This means that people with families working in low paid employment will be able to afford to rent good quality homes over a long term, providing peace of mind as well as comfort and security.
Said Cym D’Souza, Chief Executive, Arawak Walton: “We’re very excited about this deal, which allows us to add a significant number of homes in our core operating areas at a competitive cost. This in turn enables us to invest in creating attractively refurbished properties which people can call home and to further our work in encouraging diverse communities to thrive and flourish across Manchester.”
Added Hilary Roberts, Chief Executive, Adactus: “Adactus and Arawak Walton have had a close working relationship for more than 20 years, providing affordable housing to those most in need. As part of our longer term strategy Adactus want to invest in more new build properties and over the last three years we have been going through a stock rationalisation exercise. As a result, some of our stock has been available for sale which Arawak Walton has been able to purchase in a manageable way. Both associations realised there was an opportunity to fulfil our longer term aims by reaching an agreement that would satisfy the financial requirements of both sides and we are delighted that this has now been concluded.”
Paul Beardmore, Director of Housing, Manchester City Council: “We are delighted to see the success of this negotiation between Arawak Walton and Adactus working in Manchester. This deal will see good quality housing at affordable rent levels being retained in the City for hard working families on lower incomes.”
Manchester-based solicitors, Croftons LLP have supported Arawak Walton with the legals.