UK fund manager Octopus Investments is to launch a new business to deliver affordable housing schemes across the UK.
The business is a joint venture with QSH, an affordable housing developer specialising in building affordable homes with limited government subsidy.
The new company will trade as Octopus QSH, and its first scheme will be the 106-home Martindale development in Doncaster.
Octopus manages more than £5bn of funds and aims developing thousands of new homes in the next few years.
Mario Berti, head of the specialist finance team at Octopus, said: “There is a chronic shortage of affordable housing in the UK which presents a huge opportunity for Octopus QSH.
“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.”
The Martindale development homes will be available through QSH-rent-to-buy, a scheme through which half of tenants’ rental payments are put towards the deposits to buy their homes.
Tenants are able to save up to 10% of the purchase price and have the option to buy their properties within the first 10 years of occupation.
Octopus QSH has also taken on three new team members. Simon Smith, the company’s new financial controller, is joining from the Chartered Institute of Housing.
Fenella Webb becomes operations director, having worked previously within the Housing Directorate at Birmingham City Council.
And Kevin Hancock has joined as construction director, having spent 15 years in the social housing sector.
