Calico secures £28m. for home improvements
Calico Homes’ ambitious plans to develop over 400 additional homes and invest in major improvement works have been dealt a major boost with the company securing £28m. in additional funding.
The funding will ensure Calico Homes’, which currently manages a portfolio of over 5,000 properties across Lancashire, is in a strong position to continue investment in its current properties and bring forward new affordable housing developments.
As well as growing its portfolio, the funding will help Calico Homes continue improvement works to existing properties. As a result, Calico Homes aim to build upon the work done last year that saw over 400 homes benefitting from major improvements including new windows, boilers and roofing repairs.
Investing in its local communities and providing affordable homes remains a top priority for Calico Homes. In 2020, a total of 152 affordable homes were built across four sites as part of Calico’s wider plans to develop 400 additional properties across East Lancashire over the next four years.
Additionally, Calico Homes recently announced a major redevelopment of derelict land at Burnley Hospital. The site will be transformed into 90 accessible extra care apartments and a community hub. The £14m. development will be the first of its kind in Burnley, intended to provide specialist assisted living accommodation in a neighbourhood setting.
As well as new developments, the additional funding will allow Calico Homes to continue the excellent progress made on Burnley’s Empty Homes Scheme. Working closely with Ring Stones Maintenance and Construction, the team are aiming to refurbish another 50 empty homes across the borough this year.
Frontline teams have continued to work during lockdown to ensure the scheme continues. As a result, 19 formerly disused properties have been utilised by Calico Group partners Gateway and SafeNet Domestic Abuse and Support Services. These homes now provide safe refuge for victims of domestic abuse and / or those experiencing homelessness across the North West.
Mark Beach, Managing Director at Calico Homes, said: “We know how important it is to keep investing in our existing homes and building new affordable homes in our communities.
"We are committed to deliver our ambitious improvement plans that will benefit Burnley residents and are delighted that we have been able to secure funding from MORhomes.
"Over the next four years, this funding will allow us to develop over 400 additional properties and invest more money in our existing homes. We’re dedicated to creating homes and investing in communities where everyone thrives.”
The funding has been provided by MORhomes, an innovative borrowing vehicle for the UK social housing sector.