Notting Hill Genesis and social impact property fund manager Resonance have agreed a partnership that will see us take over the management of almost 600 properties from Resonance’s property fund, so we can provide safe, affordable homes for families in the highest need.
This partnership arrangement is the largest ever carried out by Notting Hill Genesis’ temporary housing business.
We are taking an initial 100 homes where families are already living as tenants, which will be followed by another 450 properties at a later date in 2023. During 2023, Resonance will also purchase and refurbish additional homes to transfer into the growing portfolio.
While these homes will be a vital lifeline for many families who wouldn’t otherwise have a home, support will go beyond bricks and mortar. We will be working with tenants to sustain their tenancy and make positive plans in other areas of their lives, such as tackling mental health and addiction issues, and finding employment, training and education. And because the tenancies granted by the fund are longer than traditionally offered in the private rented sector, tenants benefit from this stability, are able put down roots in their community and plan for their future goals.
Resonance has an outstanding track record of social impact investing, and every year produce impact reports for all their property funds. In turn, we will provide regular social impact reports to Resonance showing how they are helping residents to gain greater independence and to eventually move into the private housing sector.
Many of the properties we are taking over were previously managed by homelessness charity St Mungo’s.
Rebecca Brennan, assistant director of temporary housing for Notting Hill Genesis, said: “It’s really exciting to be adding so many homes to our portfolio. We generally have around 3,000 temporary homes at any time, mainly leased to us by private landlords. This market is harder than ever to access, while demand for stable homes within our communities is very high so an extra 590 homes is a huge boost for us.
Being able to offer these homes to families in need is something we are extremely proud of and working with an organisation like Resonance which shares our strong social purpose will be of benefit to everyone involved. We look forward to meeting our new residents in the coming weeks.
John Williams, managing director of property funds at Resonance, added: “This partnership is ground-breaking. It’s vital for us to partner with exceptional like-minded housing partners like Notting Hill Genesis, who have an outstanding record of supporting tenants and providing them with specialist support services as required.
“This partnership represents one of this fund’s largest portfolios of housing and is a great opportunity for us to continue to tackle the housing crisis in London. I am particularly pleased that in transferring the initial tranche of 100 properties we already own to Notting Hill Genesis, we are providing the tenants who live in these homes with continued stability and peace of mind. And I look forward to seeing the successful transfer of 450 additional tenanted properties - plus the new properties the fund is purchasing and refurbishing for Notting Hill Genesis - during the coming year, adding to the growing portfolio.”