Property Funding News:- The hunt is on for a development partner to mastermind the building of at least 700 homes at St Ann’s hospital site in Haringey.
The Mayor of London, Sadiq Khan, has bought two-thirds of the land, 7.1 acres, at the hospital to build up to 800 new homes of which 60 percent must be affordable. The receipts from the sale have allowed the hospital trust to invest in building new facilities for patients.
Deputy mayor for housing and residential development, James Murray, said: “St Ann’s is a very exciting project, which we have made sure will see hundreds of genuinely affordable homes built – including council homes, homes for social rent, and community-led housing. We are showing what can be done with the public sector taking a clear lead. ”
Out of the affordable homes, 60 percent will be at social rent levels, 20 percent will be London living rent, 20 percent shared ownership and 50 homes will be set aside for community-led housing.
Greater London Assembly, GLA, member for Enfield and Haringey, Joanne McCartney, said: “Going forward it is essential that the chosen developer works closely with the local community to create an exemplar housing scheme.”
New development will accommodate key workers
The development will also deliver key worker housing for NHS staff, with nominations for at least 22 homes for London living rent given to the Barnet, Enfield and Haringey Mental Health Trust for ten years.
Property Funding by HZA
Brokers Hank Zarihs Associates said the site was in a prime London spot and that development finance lenders would be keen to offer property funding and construction loans for such a project.
Mr. Khan’s intervention has boosted the number of affordable homes on the site by five times compared to the existing planning permission, which included around 400 homes of which just 14 percent were to be affordable.
The GLA has launched a joint expression of interest and sifting brief to the new London development panel. It hopes to appoint a development partner by spring 2020, with the building to start on-site by the end of March 2022.