Modular builder agrees £44m shared ownership deal

Modular housing provider ilke Homes has agreed a £44m investment from Gresham House for 153 shared ownership homes in Stanford-le-Hope, Essex. The deal comprises the freehold land acquisition and forward funding of 138 houses and 15 flats. Planning permission was granted in March and work on site is due to begin in late August, with the first handovers from March 2022. The homes will be provided by Residential Secure Income. It is the first modular deal for the business, and will see the registered provider nearly double the shared ownership stock in the borough. Alistair Wardell, investment director at Gresham House, said: “This project will deliver real-world benefits to residents in Stanford-le-Hope early next year, and we look forward to working with ilke Homes throughout the process to maximise the potential of the development.” The deal brings ilke Homes’ order book to £200m, some three years after launching the company. Dave Sheridan, executive chairman of ilke Homes, said: “This investment from ReSI LP is testament to the growth of ilke Homes and the growing recognition of the potential of factory-built modular housing to address widespread regional housing shortages at speed and at scale.” Savills predicts that by 2030, the proportion of homes being delivered using offsite manufacturing will double to 20%. According to the agent, the three main drivers are: the cost and availability of labour; housing supply shortages; and regulatory or governmental intervention. To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Image © ilke Homes