Joint venture partnership with London Borough of Bromley to acquire and manage much-needed permanent affordable homes.
In line with many metropolitan Local Authorities across the UK, London Borough of Bromley has experienced over a many years high demand for affordable housing far outstripping supply. This resulted in an reliance on expensive and often unfit for purpose temporary accommodation as the Council struggled to meet their statutory duty to “house” people in priority need on their own waiting list.
In JV partnership with the Council, Pinnacle is providing a “temporary-to-permanent” affordable housing solution with total private sector funding commitments in excess of £150m. Our dedicated Acquisitions Team purchases and refurbishes all homes in accordance with specified Council requirements including location, quality, and size. All homes under the partnership are let to households living in unsuitable Temporary Accommodation on renewable 5-year fixed term Assured Short-hold tenancies at affordable Local Housing Allowance rates.
The first phase of our partnership, Meadowship I, has delivered 256 local homes. The second phase, Meadowship II, will deliver a further 186 homes due to be fully let by April 2025. All homes are Let in strict accordance with our Nominations Agreement with the Council.
All homes are owned under long-lease and managed by our own regulated Registered Provider of Affordable Homes: Pinnacle Affordable Homes.
Councillor Peter Morgan, Bromley’s Executive Councillor for Renewal, Recreation and Housing said, “We are excited at the potential to increase our housing supply which will not only provide much needed housing for residents we need to support but is also another example of how careful financial management can go hand in hand with delivering housing. This is positive news for those residents who may find themselves in temporary accommodation for longer than ideal, and for council taxpayers.”