London Borough of Lambeth has a strategic objective to deliver 1,000 new homes at social rent levels in the next four years.
PRD initially provided strategic development, development venture structuring and programme management support to assist the Council to scope its options and delivery plan for Homes for Lambeth (‘HFL’). HFL is a new, wholly owned company with a group structure to provide the financial and commercial outcomes that the Council is seeking. It will deliver affordable homes on estate regeneration schemes in an innovative way for the Council, together with high volumes of housing across other tenures which are essential to meeting the current and future needs of Lambeth’s residents. PRD worked with the Council to develop the structure, liaising closely with tax, accounting and legal advisors to test the robustness of the proposals to delivery HFL’s objectives.
Lambeth’s Cabinet approved the recommendation to establish the HFL group of companies in October 2015 and approved the incorporation of HFL in May 2017. In January 2018, Lambeth’s Cabinet approved the detailed governance proposals, Business Plan and associated mobilisation activities for HFL’s first schemes. HFL will begin managing its first affordable homes in spring of 2019.
Together with Newbridge Advisors LLP, PRD has provided continuous support to the Council to deliver Homes for Lambeth and is currently supporting the Council with the mobilisation of the nascent companies. Our role has involved providing direct engagement and support at the Board, executive and wider stakeholder levels, which has included:
- Overseeing the registration process of a new Housing Association in the group structure and preparing document for assessment by the Regulator of Social Housing.
- Co-ordinating legal advisors on matters ranging from governance, loan agreements, and agreements and use of the Council’s powers.
- Developing the Business Plan for the new companies, working with the Council’s Finance team on the outputs from their financial model.