
Susan Haggard Partner, Head of Real Estate
Ince advises London local authority trading company in £38m acquisition of 155 properties
With a background of insufficient affordable housing supply, high rent charges in the private sector, and the impact of welfare reforms - the last few years have been challenging for all local authorities. There has been a significant increase in homelessness demand, with a 39% rise in new Part VII homelessness applications between 2011/12 and 2018/19. In addition, a growing number of households are in temporary accommodation, with a 15% increase between April 2012 and November 2019. These have all placed even further pressure on the already limited housing supply.
Loss of private rental accommodation is one of the most common reasons for a homelessness application, and this reality has been replicated at a local level. Barnet have experienced increased high levels of demand for affordable housing and limited sources of affordable supply. The buoyant private rental market in the borough has become increasingly unaffordable for those on lower incomes; and residents who previously made their own arrangements in the private rental sector now needing to approach the local authority.
TBG Open Door Limited was first established to meet the local housing requirements of Barnet Council, which are expected to grow significantly in the years to come.The speed of the £38 million-worth transaction, completed within exceptionally tight deadlines and unprecedented wider market pressure, has allowed for additional on-lending revenue to the council. This expanded TBG Open Door Limited capacity to deliver a volume of new affordable homes.
The deal was led by Cardiff-based real estate Managing Associate Jessie Blain; with support from London-based Partner Mino Themistocli, who guided the structural elements of the deal and settled any key issues; along with other members of the firm’s teams in both London and Cardiff.
Ince have also been instructed to advise on a larger project for TBG Open Door Limited; to acquire up to a further 500 properties over the next four years.
02-02-2022 / Real Estate
Lord Aberdare’s Construction (Retentions Abolition) Bill 2021-22 (‘the Bill’) is the latest of a long string of attempts to drive legislative changes surrounding cash retention in the construction industry.
13-01-2022 / Real Estate
On 17 December 2021, The New Homes Quality Board (NHQB) published its New Homes Quality Code. The Code aims to improve the quality of new-build homes and strengthen protection for buyers, spanning from initial sales steps to two years following a purchase.
21-12-2021 / Real Estate
The pandemic has forced many businesses to adapt. Arguably, one of the biggest changes was the mass move of staff from predominantly office-based working, to working from home and the encouragement of agile/flexible working.
02-12-2021 / Real Estate
This case concerns the thorny subject of what constitutes valid exercise of a conditional break clause by a tenant.
08-04-2021 / Real Estate
Over the last twelve months, the United Kingdom (UK) like the rest of the world, has seen the COVID -19 pandemic impact hugely on our ability to travel freely, to relocate for business, work, investment and education. We now see some light at the end of the tunnel with the UK’s mass immunisation programme which has seen infection (and thankfully) mortality levels fall dramatically. This is finally giving people hope for the future, resulting in renewed interest in the UK as a safe place to live, to invest in, and as somewhere to educate their children.
26-03-2021 / Real Estate
The Fifth Money Laundering Directive came into force in January 2020, extending the UK Money Laundering Regulations and implementation of regulatory controls to include real estate firms, real estate brokers, estate agents and rental intermediaries.