Birmingham Company on Property Spending Spree
A new Birmingham, UK company secures private backing to allow the purchase of 300 residential properties within 2 years. Properties are to provide high quality independent living for people with learning difficulties in a unique public/private sector partnership.
Birmingham, UK (PRWEB) December 28, 2005
Birmingham based Supported Housing UK Ltd has secured funding that will allow it to purchase up to 300 residential properties during the next two years for the purpose of providing housing for people with learning difficulties, allowing them to lead independent lives.
The company, set up by Internet entrepreneur David Carter of Hollywood Internet Ltd and Robert Street, chartered building surveyor and director of Edgeworth Street Ltd is now actively looking to embark on an aggressive property acquisition programme.
Says Carter, “Raising the money for this project was extremely challenging and it’s taken about 18 months of solid work to get to this point. Luckily, we were able to raise this money privately, as the UK banking industry seems very negative to the concept of housing people with learning difficulties. We had a lot of rejection before getting this far”.
The company will be working with major learning difficulties charities, Mental Health Trusts and local authorities, purchasing properties on a long term lease-back basis, directly with care providers, who, because of changes in UK Supported Living legislation, are not able to purchase property themselves.
Robert Street, commenting on the progress made to date said, “This has been a long journey and we could have been persuaded to give up the idea at any stage. However, there is a very real and urgent need for this type of housing and very few, private providers are able to raise the necessary finance. We are delighted to have achieved the funding, but that’s just the start of the story. We look forward to being able to provide housing for this disadvantaged group and working closely with the care organisations.”
Initially, Supported Housing UK Ltd will concentrate on purchasing ground floor flats, 2-3 bedroom bungalows and houses in the Birmingham and West Midlands region, but given the size of its funding, can look at all areas of England and Wales. All properties are being bought to order, with specific tenants in mind.
David Carter explains, “We have been working with a major charity and a local authority in preparing our business plan and have already identified the first pilot property purchase which will complete in January 2006. Our acquisition program will initially concentrate locally and then we will expand it to other regions as we grow. Buying two or three properties per week is a big challenge, but with determination, we feel it’s entirely possible.”
The company is already being approached by learning difficulties charities and care providers through it’s web site at http://www. supportedhousing. co. uk (http://www. supportedhousing. co. uk) which provides full contact details for charities and details of areas where property is currently required.
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