Triple Point Social Housing adds 4 supported living properties – Triple Point Social Housing (SOHO) has completed the acquisition of 4 supported housing properties, totalling 41 units in total, for around £6.3m (excluding costs). The properties are located in Yorkshire (35 units) and the East of England (6 units).
The company has entered into new full repairing and insurance (FRI) leases in respect of each of the properties acquired for a minimum period of 20 years with the ability to extend for five years. These leases are with specialist housing associations including Bespoke Supportive Tenancies Limited, Care Housing Association, Falcon Housing Association and Inclusion Housing. All the housing associations are regulated by the Regulator of Social Housing.
The rents received under the leases are subject to annual, upward-only rent reviews, increasing in line with the Consumer Price Index.
SO|HO says the properties comprise specialist, high quality homes for individuals with mental health and other support and care needs.The properties generate net initial yields in line with the SOHO’s investment criteria and returns profile.
About SOHO
SOHO invests primarily in newly developed social housing assets in the UK, with a particular focus on supported housing. The assets within the portfolio are subject to inflation-adjusted, long-term (typically from 20 years to 30 years), fully repairing and insuring (FRI) leases with approved providers (being housing associations, local authorities or other regulated organisations in receipt of direct payment from local government). The portfolio comprises investments into properties which are already subject to an FRI lease with an approved provider, as well as forward funding of pre-let developments but does not include any direct development or speculative development.
SOHO: Triple Point Social Housing adds 4 supported living properties