Developer says move will reduce development risk
Ballymore has registered two for-profit providers with the Regulator of Social Housing (RSH).
According to the Irish property developer, the two entities will help it de-risk affordable housing delivery, unlock grant funding, and enable large-scale urban regeneration projects to progress.
BMGP Homes 1 Limited and BMGP Homes 2 Limited were both registered last month. According to Companies House, both are owned by holding companies that are themselves subsidiaries of Ballymore.
Four of five company directors in both entities are linked with Ballymore, with the other appearing to be a solicitor at Forsters LLP.
Ballymore said it would seek to become a GLA investment partner.
The firm’s chief executive, John Mulryan, said the registration had been “a proactive response to the very real challenge facing large-scale housing delivery in London”, noting the inability to secure a registered provider for section 106 homes.
“By establishing our own RP we can unlock delivery while creating strong, sustainable, properly integrated communities – where people want to live and can genuinely thrive,” he said.
“This is not a magic wand by any means, but it is our hope that this move will enable delivery, reduce development risk, and put us in a strengthened position to work collaboratively with our public-sector partners to increase the supply of affordable homes where they are most needed.”
The RSH’s records also showed the registration of Stirchley Co-operative Development as non-profit registered profit earlier this month.
The community-led initiative is currently building 39 affordable rental homes and three business premises for local co-operatives in a suburb of south-west Birmingham.
In a statement on social media, the co-operative said that becoming an RP had made it eligible to access capital grant from Homes England for the residential element of the scheme to buy the building from its partner, Green Square Accord, once the site reached practical completion.
“The next step involves collaborating with Birmingham City Council’s nomination team to prepare for social housing applications via Birmingham Choice,” it said.
“We have finalised nomination agreements and are now moving forward with this process in earnest.”
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