ilke Homes has agreed a £31 million deal with Man GPM, the Global Private Markets engine of Man Group plc, the listed active investment management firm, for a 14.6-acre site in Grantham that has detailed planning consent for 227 homes.
The deal will see the delivery of an affordable and inclusive mixed tenure community on Dysart Road. Of the 227 factory-built homes being delivered, 140 will be made available at affordable rent levels, 47 for shared ownership and 40 homes will be for private sale at market value.
Man GPM’s Community Housing strategy seeks to achieve the dual objectives of providing both social and financial returns, addressing the housing crisis in the UK by building homes that are affordable to households. The strategy invests and develops both rental and ownership homes, with a focus on addressing the housing challenges of ‘squeezed middle-income’ families who do not qualify for social housing and for whom mortgages are unaffordable.
With Man Group acting as developer on site, ilke Homes will manufacture the homes offsite in the company’s 250,000 sq. ft factory in Yorkshire. Once complete, the modular housing company will transport the homes to the site in Grantham.
Ian Jackson, investment director, community housing at Man GPM, said:
“We’re delighted to have completed our first investment in modular housing with ilke Homes, and one of the largest investments in modular housing in the United Kingdom to date. The overall design and quality of the homes should deliver not just high quality, energy-efficient affordable housing, but a community for families to call their own. We aim to deliver more affordable homes using modular construction, which we believe is a great housing product, and the future of the residential housing industry.”