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Sites in Chester and Warrington welcome Habiko’s first 590 rental homes as part of a plan to deliver 3,000 affordable homes over 12 years.
Habiko, the affordable homes partnership between Pension Insurance Corporation (PIC), Muse and Homes England, has announced its first two development sites for 540 new homes in Chester and Warrington. Together, the opportunities aim to deliver new affordable homes for rent, as Habiko moves forward with plans to develop its target of 3,000 low carbon, low energy affordable homes across England.
Both sites have been selected by Habiko as strategic locations for growth, where new affordable homes for rent will be well-served by public transport, pedestrian routes, and vibrant town centres.
Habiko is setting a minimum of 75% affordable homes for rent, with an overall target of up to 100%, for those whose needs are not met by the market. The partnership aims to deliver 3,000 affordable and sustainable homes over the next 12 years, equating to around £1bn in terms of completed value. The new homes brought forward by the 12-year joint venture will be forward funded by PIC.
Affordable housing tenures will be set in conjunction with the local authorities and according to local housing demand, with Discounted Market Rents set at a minimum of 20% below the local market rate at both sites to help people access quality, energy efficient homes with low carbon emissions.
In line with Habiko’s mission to create greener, healthier and friendlier homes, the partnership will work to engage with local stakeholders in shaping the proposals. This will continue throughout the development cycle to ensure sustainable homes are delivered that meet the needs of the community.
Hayley Rees, Managing Director of PIC Capital said: “Following a successful launch of Habiko, announcing these first two projects emphasises the focus on our purpose: to deliver low carbon, low energy affordable homes for rent at pace. This exemplifies the power of public-private partnerships to help meet the UK’s affordable housing needs through innovative collaboration.”
Lisa Gledhill, Managing Director – National Partnerships at Muse said: “Habiko promises to deliver affordable homes for those who need it most. Chester and Warrington are great places to kickstart Habiko’s build programme. We look forward to working with PIC, Homes England and the local communities to deliver greener and healthier places to live.”
Jennifer Murray Director, Product, Equity and Partnerships at Homes England said: “The Habiko partnership brings together the market insight, capability and expertise of its partners. The early identification of these sites for the partnership is testament to Muse’s experience in delivering and PIC’s commitment to investing in affordable housing at scale. The UK needs more affordable homes built to higher sustainability standards. Progressing these sites in Chester and Warrington demonstrates that this can be achieved, with the right driving forces behind it.”
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About Habiko
Habiko is a joint venture made up of three partners; Pension Insurance Corporation (PIC), Muse and Homes England. Habiko aims to deliver 3,000 affordable and sustainable homes for rent over the next 12 years, equating to around £1bn in terms of completed value.
Habiko is targeting up to 100% affordable homes for rent, with 75% as a minimum, for those whose needs are not met by the market, with rents set at 20% below the local market rent. Habiko will become self-funding over its 12-year lifespan and aims to diversify the supply chain for future efficient housing developments.
During the partnership, PIC will have the ability to continue to forward fund the development of the affordable homes and will ultimately own the homes and places they have helped to create through its investment and long-term stewardship approach.
The homes will be built across England in areas of high demand for this type of housing. The developments aim to create social value for these communities, including boosting the local economy through job creation and new skills to drive green innovation. The homes will be in accessible locations, close to employment opportunities and be designed to help residents save money on their energy bills.
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