Law firm Stephens Scown LLP has helped to bolster the county’s affordable housing stock by assisting in the creation of joint working agreements between Legal & General Affordable Homes and social housing provider Coastline Housing.
The arrangements between the not-for-profit and for-profit providers aims to deliver an additional 600 homes for social housing purposes each year; L&G will be providing the financial investment, with Coastline Housing assisting in finding new sites for development and managing the completed homes. New affordable homes already completed and delivered under this initial scheme include 44 properties in Falmouth, which have been made available for locals in the area.
Stephens Scown was lead advisor for Coastline Housing in this deal, with experts from the firm’s real estate, corporate, charity and dispute resolution teams including Laurie Trounce, Jim Gorrod and Tim Walmsley.
Walmsley, a senior associate in the real estate team, said: “The social housing sector is gaining momentum as it works to meet the UK’s housing demands, and our team is delighted to have helped Coastline secure additional investment to benefit the Cornish housing market.”
Nathan Mallows, director of finance at Coastline, added: “This new partnership with Legal & General Affordable Homes is the culmination of over two years of collaborative working; shaping an alliance that seeks to solve Cornwall’s housing need through long term, institutional investment, coupled with local knowledge and management expertise.”