Build-to-rent developer is fixing defects at East Village
Get Living has reported a loss after setting aside £411m to cover fire safety remediation costs relating to the former London 2012 athletes village in Stratford, east London.
The 4,500-home build-to-rent landlord, in its accounts for the year to 31 December 2024, reported a loss of £153.2m. This follows a larger loss of £385.2m the previous year.
Rick de Blaby, chief executive of Get Living, said: “The extent of the works required to remediate the building safety defects at East Village, delivered by government-appointed contractors, requires us to make an appropriate provision of £411.1m.
“As we pursue those contractors, we expect that provision to reduce significantly in future years.
“The consequence of the fire safety provision is a year-end net loss of £153.2m.”
The former 2012 athletes’ village, now known as East Village, was sold to Get Living’s investors at the time after it was retrofitted to become a residential estate of over 3,800 homes, including 1,379 affordable homes and houses, most of which are contained in 66 blocks of between eight and 12 storeys.
Get Living is also in a dispute with Triathlon Homes - a partnership between the housing associations Southern and L&Q and developer First Base which runs 1,400 affordable homes in East Village – over who should pay for fire safety fixes in a part of the development.
The developer was last year ordered by a tribunal to pay £18m towards the remediation of cladding on the East Village. It has lodged an appeal against the decision.
Get Living’s rental income rose 6.2% year on year to £113.5m while its portfolio increased by 16.6% to 4,567 homes.
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