Housing association Home Group has bought a leasehold block of 49 affordable homes and 13 townhouses from modular developer Top Hat.
The homes were bought for £12.5m and form part of the larger Kitchener Barracks scheme in Chatham, Kent. The deal was the first modular scheme for Knight Frank’s affordable housing investment team.
The 49 affordable homes will be a mix of one and two-bedroom units in a six-storey building. All homes will be available as shared ownership.
Top Hat will be responsible for the delivery of a total of 302 homes on the 4.8-acre site at Kitchener Barracks, with completion due in phases and finishing in spring of 2021.
Brian Ham, executive director for development at Home Group, said: “Providing high quality modular homes to scale is a key focus for us, as is shown in our outstanding Gateshead Innovation Village project. This development partnership further cements our commitment.”
Robert Sheldon, affordable housing associate at Knight Frank added: “Modular housing represents an exciting opportunity for housing associations, enabling the delivery of large volumes of affordable housing quickly and providing the much needed homes for local residents.”
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