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Silchester case study
Silchester, Kensington and Chelsea, W10
We've partnered with The Royal Borough of Kensington and Chelsea (RBKC) to deliver the Silchester scheme in North Kensington, which will provide 112 new homes, with the first residents due to move in by late 2014.
The development utilises an innovative and replicable finance mechanism. RBKC was able to maximise the value of its planned disposal of a Holland Park school site to a developer, by ensuring that an agreement to provide affordable homes as part of the sale could be fulfilled “off site” at Silchester instead.
Silchester: The scheme will also provide a community space
Following an OJEU procurement process, this enabled RBKC to release the North Kensington land to us at nil cost, and provide us with approximately £3m of direct funding.
Using our financial capability, enhanced by our ability to raise finance cheaply, we were then able to invest over £25m in the development.
Our plans have maximised the available land, and increased by one-third (to 84) the number of affordable homes which RBKC was required to build. Including those available on the open market, the development provides 112 homes, of which a considerable number are 3-, 4- and 5-bed.
We've worked closely with RBKC throughout the process, and engaged with the local community by holding public exhibitions and inviting feedback from residents. Part of the development involves a number of decants into the new homes.
As the developer for the site, we've been able to employ our knowledge and experience to deliver well-designed homes produced to the high standards required of registered providers. Working with the building contractor, we aim to complete the development over the next 18 months, welcoming in the residents in two phases over late-2014 and 2015.
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