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GO AHEAD FOR FIRST LONDON-WIDE AFFORDABLE HOMES INITIATIVE

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Residential developer, First Base, has signed an agreement with English Partnerships, the national regeneration age...
Residential developer, First Base, has signed an agreement with English Partnerships, the national regeneration agency, to deliver 147 homes at Adelaide Wharf in Shoreditch. The agreement represents the first development deal of its kind as part of English Partnerships' London-Wide Initiative, aimed at delivering more affordable homes and key worker housing in the capital.

The new 15,000 sq. m. development, due to be completed by the summer of 2007, will deliver a mixed tenure community with 74 key worker and other affordable homes and 73 private homes. There is also 700 sq. m. of affordable workspace as part of the scheme. Work will start on site in April.

First Base is seeking to redefine the way in which residential developments in the UK are delivered and is working with the award-winning architect Simon Alford of AHMM to create a responsible, sustainable and beautiful housing development in the heart of Shoreditch. The development will achieve an EcoHomes 'excellent' rating from the use of modern construction methods, the schemes sustainability strategy and high specification materials.

First Base was established to provide quality affordable housing in London and the South East. It has created a unique residential development model that combines commercial construction philosophy and techniques with the provision of innovative financial products to deliver improved quality and value for money homes.

Elliot Lipton, First Base's managing director commented:

'We are delighted to be the first to go under the London-Wide Initiative to deliver what will be an exciting and imaginative development at Adelaide Wharf where people want to live and importantly be able to afford to do so.

'The task of delivering high quality affordable homes is an exciting challenge and we believe our innovative design, build and investment approach can deliver those much needed homes.'

Stephen Oakes, English Partnerships' project director for the London-Wide Initiative said,

'The London-Wide Initiative was established to make high-quality homes affordable for London's key workers. This project with First Base marks an important stage in the delivery of the first of these new homes. We are now looking forward to seeing work start on site at Adelaide Wharf and delivery of other schemes in London-Wide Initiative portfolio, which are soon to start on site.'

Notes

First Base

First Base is a development and investment company established to design, build, fund and manage, high quality, stylish affordable housing in London and the South East. It is a private limited company backed by Lend Lease and Stanhope, specifically set up to help address the challenge of delivering more high quality affordable homes.

First Base is currently involved in a range of projects that will deliver affordable housing in London and the south east:

* selected as a Development and Management partner with English Partnerships as part of the London Wide Initiative First Base is working on five sites which will deliver over 1,000 homes, over 50% of which are affordable.

* working with Blackstone / Generation in a development and construction management role on the KX200 regeneration project in Kings Cross to deliver a mixed-use scheme comprising predominantly affordable student accommodation to over 850 students.

* selected as 1 of the 4 private sector organisations to participate in the Housing Corporations New Partnerships in Affordable Housing Pilot. The scheme is intended to create a wider market for the delivery of affordable homes as well as develop a new competitive framework for the Housing Corporation's investment programme.

* in partnership with Lend Lease, First Base have been selected by the London Borough of Newham for the regeneration of Canning Town and Custom House, and are one of three short listed for the£1.5bn regeneration of Elephant and Castle.

Adelaide Wharf

Adelaide Wharf is situated between Hoxton and Shoreditch and is built on the site of an old industrial building around three sides of a private courtyard garden, landscaped to provide secluded spaces for residents and their families.

First Base have worked with Simon Allford of AHMM to create 147 individual and efficient homes within a secure mixed tenure community of private buyers, tenants and key workers. It encompasses bold interior design and high specification materials as well as consideration of wider issues such as personal safety and a significant commitment to sustainability. Environmental awareness has also informed all the materials specified, for example the wood cladding that complements the coloured external panels complies with WWF standards.

The scheme will be available for occupation in the summer of 2007.

English Partnerships is the government's national regeneration agency. Our aim is to deliver high quality, sustainable growth in England. We do this by developing our portfolio of strategic projects and acting as the government's specialist advisor on brownfield land. We also ensure that surplus public sector assets are used to support wider government objectives, especially those contained in the Sustainable Communities Plan. English Partnerships helps to create communities where people can afford to live and want to live, and supports the urban renaissance by improving the quality of our towns and cities. Information on projects and programmes can be found at www.englishpartnerships.co.uk

The London-Wide Initiative pilot scheme was launched to fast-track more affordable homes in Greater London. The scheme will focus on a portfolio of sites, selected as a test-bed for introducing a range of new ideas for the delivery of homes. The pilot scheme will deliver up to 4,500 homes over the next five years of which around 1,500 will be affordable homes for key workers. Three development partners have been selected to work in partnership with English Partnerships to deliver homes through the London-Wide Initiative; First Base, Key London Alliance and a consortium led by Countryside Properties plc.

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