Pocket Living signs build contract for affordable home scheme

The developer has completed an agreement with Transport for London for the site at Woodside Park in Barnet, London.

Pocket Living signs build contract for affordable home scheme

Affordable housing developer Pocket Living has signed a build contract with HG Construction to deliver a scheme for 86 one-bedroom homes for first-time buyers. 

 

The developer has completed an agreement with Transport for London for the site at Woodside Park in Barnet, London.

The deal was the culmination of several years of planning and managing technical hurdles associated with the site’s proximity to the railway track, including complex works to cable infrastructure.

The development will provide homes across two separate buildings, each rising to four storeys; these will be sold to first-time buyers at a 20% discount to the local market.

The deal is part of TfL’s wider commercial development programme, which aims to provide thousands of high quality homes, built on its land across London.

Alongside the commitment to deliver 50% affordable housing across the current portfolio, the programme should provide sustainable revenue to reinvest into public transport, reducing the organisation’s reliance on fares revenue.

To be eligible to purchase a Pocket home, the prospective buyer cannot already own another property, and must live or work in the borough of the respective development.

All buyers must earn under the Mayor of London’s income threshold for affordable housing.

When the homes are sold on, new purchasers must meet the original criteria.

Buyers own 100% of their property, which are sold at a minimum of a 20% discount to the local market.

Nick Cuff, chief commercial officer at Pocket Living, said: “This is exactly the kind of challenging small site which needs to come forward if we are to solve the housing crisis.

"Whilst there have been challenges along the way, the joint working between TfL and Pocket will now lead to the creation of 86 first time buyer homes for local residents of Barnet.

“Pocket has always been at the heart of innovative collaborations in the housing sector and we believe new thinking and working in partnership with the public sector is crucial if we are serious about tackling the housing crisis.

"The delivery of this site demonstrates our commitment to this.

“We are also thrilled to be working on the delivery side again with our construction partners HG.

"This will be the seventh collaboration with their team and we are all looking forward to seeing this building coming out of the ground.”

Jonathan Cornelius, head of property development at TfL, said: “We are pleased to have completed the agreement with Pocket Living on this site at Woodside Park, which will deliver 86 new affordable homes.

"This development plays an important part in tackling the housing crisis and delivering the new homes that the capital urgently needs, while also generating vital revenue to invest into London’s transport network.”

Conor Rice, managing director of HG Construction, added: “HG Construction has built up a wealth of experience in delivering challenging and complex London schemes which is highly relevant to this project.

"We have an excellent working relationship with Pocket Living and we are delighted to be partnering with them again to deliver this innovative Woodside Park scheme which will help address the local housing shortage.”

 

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