Octopus Investments is launching a new affordable housing business to deliver new properties across the UK, including a first scheme of 106 new homes in Doncaster.
Created as a joint venture with affordable housing developer QSH, it will initially trade as Octopus QSH.
The homes it develops will be available under a number of different rental and affordable home ownership models: to rent, rent-to-buy, deferred purchase and extra care.
The wider Octopus group manages a number of different funds and is committed to building out the new business’ pipeline of affordable housing sites over the coming years.
It an established player in the property market through Octopus Healthcare, a healthcare property fund manager and developer, and lender Dragonfly Property Finance.
Mario Berti, head of the specialist finance team at Octopus, commented that there is a chronic shortage of affordable housing in the UK, which presents a huge opportunity for Octopus QSH.
He said: “The government desperately needs to create more homes in order to meet its policy objectives and we will be providing innovative solutions to local authorities and housing associations to help solve this problem.”
Paul Hardisty, chief executive of QSH, said that as an Octopus business, they will now be able to scale up work delivering homes up and down the UK.
“We’re flexible about the sites we work with, the number of homes we build and the type of properties we offer. For us, the most important thing is to work with local authorities, house builders and social landlords to provide the homes that local people really want and need.”
The opportunity to rapidly expand the business with Octopus has led to it taking on three new team members. Simon Smith, Octopus QSH’s new financial controller, is joining from the Chartered Institute of Housing, where he was director of financial consultancy.
Fenella Webb has been appointed as operations director, having worked previously as senior service manager for business change and development within the Housing Directorate at Birmingham City Council.
Finally, Kevin Hancock has joined as construction director, having spent the last 15 years working as a senior manager for development in the social housing sector.
peter.walker@ft.com
