Habiko, the affordable homes partnership between Pension Insurance Corporation (PIC), Muse and Homes England, has unveiled plans for its first two development sites.
At Charterhall Drive, Chester, Habiko has identified a site adjacent to the city’s train station, which will deliver around 350 homes, and in Warrington, Habiko has identified a site adjacent to the Times Square district, which will deliver around 240 apartments.
Habiko is setting a minimum of 75% affordable homes for rent at the developments with an overall target of up to 100%. 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.
The partnership aims to deliver 3,000 affordable and sustainable homes over the next 12 years, equating to around £1bn GDV. The new homes brought forward by the 12-year joint venture will be forward-funded by PIC.
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, added: “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.”
