Fund managers are set to invest in the emerging key-worker housing market in London.
Morley Fund Management, part of CGNU, has set aside “a considerable sum” for investment in key-worker housing in the capital, where there is a requirement for 28,000 new units a year, according to a recent report by the Greater London Authority.
Alan Collett, senior partner at Allsop & Co, is finding product for Morley and other clients of the Allsop-owned company Chaco Investments: “Funds know that they can get good returns,” he said.
In May, the GLA will issue its interim policy guidance, which will recommend that 50% of new development in London should be affordable housing, and that 15% of this should be dedicated to key workers.
” Specialist developer Dom@in, a joint venture between property company Moorfield Group and Bank of Scotland, is working onkey-worker schemes in London to be let to NHS trusts under long-term agreements. “Where part of the occupancy is guaranteed, it offers a secure income stream,” said Matthew McAdden, director of Dom@in.News, p34
