G15 housing association plans 208 homes for Hastings as it completes new £100m bond raise.
Housing association Optivo has announced it has bought a site for 208 new homes in Hastings, East Sussex.
It will start construction on the £57m development at Holmhurst St Mary, which has full planning approval, in autumn this year. The scheme is expected to be delivered over phases from autumn 2023 and is expected to complete in spring 2025.
Richard White, executive director for development and sales at Optivo, which had a turn over of £332m in the last financial year, said: “We’ve over 4,400 homes in Hastings and this exciting development shows our continued commitment to the area.
“Shifting to a more land led development means we and our residents will have greater control over the design and quality of our new homes.”
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The news came as the 45,000-home social landlord also raised £100m on the bond market by completing a sale yesterday.
Following the bond raise, investors now hold £250m of Optivo’s bonds maturing in 2043. It said it has also retained a further £50m of these bonds for sale “in due course”.
The £100m bond settlement was made after a deferred sale agreement announced on 17 September 2020 and a prospectus published on 9 March 2022.
It is a year after the housing provider, which is in talks with Southern Housing Group to merge and form a 77,000-home landlord, saw its development activity reduce by a third during 2020/2021.
Chief executive of Optivo Paul Hackett said last week that cost pressures were driving the talks to merge with Southern Housing.
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