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Real estate lender and investor Octopus Capital has agreed a forward funding deal with housebuilder Bellway Homes to develop 128 affordable homes at Sittingbourne, Kent, and Bexhill and Hailsham in East Sussex.
The homes will be funded via the Octopus Affordable Housing Fund (OAHF), with 30 to be built at Iwade near Sittingbourne, plus 77 at Hailsham and 21 at Bexhill.
The homes will range from one-bedroom flats to four-bedroom houses, with 89 will be available for rent and 39 for shared ownership.
Bellway will develop the homes and transfer the freeholds to NewArch Homes, Octopus Capital’s for-profit registered social housing provider.
EPC ‘B’ ratings or above are being targeted for the homes, which will have sustainability features including air source heat pumps.
Ellie Vlavianou, investment director at Octopus Capital, said: “This deal marks an important milestone for our affordable housing strategy. Partnering directly with Bellway for the first time allows us to deploy capital at scale regionally to support the delivery of high-quality affordable homes where they’re needed most.”
Dan Brady, group affordable housing director at Bellway, added: “Working with Octopus Capital on this forward-funding deal enables us to bring forward a substantial number of high-quality affordable homes across Kent and East Sussex.
“These developments will provide a diverse mix of homes for rent and shared ownership, helping meet local housing need and giving more people access to well-designed, energy-efficient homes in places where demand remains high.”
Construction dates and costs for the housing have not been disclosed.
Earlier this month, Octopus Capital raised £10m for its Affordable Housing Fund from the Henry Smith Foundation.
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