£15 million “boost” to turn Terminus House into 200 homes for “people in challenging situations”
News / Tue 17th Apr 2018 am30 06:32am
PLANS to turn Terminus House into two hundred homes have received a cash boost after a bank gave property specialists £15 million worth of funding.
The capital injection by Metro Bank will be used by residential property specialists, Caridon Group as part of its ‘Social Build to Rent’ model, to convert the nine-storey Terminus House office building in the centre of Harlow into over 200 homes for social housing.
Founded in 2009, Caridon is a leader in the UK residential property sector. They say they have “a strong social focus, with its ‘Social Build to Rent Model’, which works with local authorities in London and the South East to provide social housing for people in challenging situations”.
But many may well be deeply concerned that a town centre area, already developing a reputation as a “no go zone” at night is about to have hundreds ofpeople from “challenging situations”.
Mario Carrozzo, CEO at Caridon Group said: “We’re thrilled to have secured funding from Metro Bank who was highly-recommended by our debt advisors, Mantra Capital.
A new Occasio House. Heaven help us. Fortunately there wont be much foot fall or neighbours to worry about.
Here,here Micky,but don't worry about people who have been on the housing list for years and no doubt the residents will be imported from elsewhere as surely Harlow cannot have that many challenged people,or can it.
This is not an altruistic exercise. Caridon group may well be virtue signalling their social sector homes business, but the model is entirely designed to maximise shareholder profit. They bought the property for £7.9m. This £15m is bank funding for the group as I understand it, not exclusively for this development. However the group will eventually control a freehold asset of maybe £20m whilst simultaneously benefitting from a rent roll of perhaps £1.4m per year. Sure this is good business for the private property developer, but it is an opportunity which only exists by virtue of the Tory rules currently preventing the required levels of council house building. I know of no foundation for the suggestion that Harlow will be importing 'people in challenging situations' from elsewhere, nor the talk of one thousand such people making the Town Centre a 'no-go area'. 1000 people in 200 studio flats? Think about it ... To suggest that
Well at least the building is being used.
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