The Church of England logoFaithWorshipLife eventsAbout the Church
Information Where to find us
Media Centre Home
Media

Grainger GenInvest exchange contracts on residential properties.

2 March 2006

Grainger GenInvest and The Church Commissioners have exchanged contracts for the freeholds of 976 predominantly residential properties in Waterloo, Winchester Park, Vauxhall, Pimlico and Walworth. Completion of the sale is expected within the next few weeks.

 

Grainger GenInvest is a 50/50 partnership between Genesis Housing Group, a registered social landlord and Grainger Trust plc, an experienced residential landlord with considerable experience of working with housing associations.

 

The Genesis Group is one of the oldest and most highly regarded registered social landlords in the country. Pathmeads Housing Association, a subsidiary of Genesis Housing Group, will be responsible for the management of these homes.  

 

Tom McGregor, Managing Director of Pathmeads, said: “A dedicated team is already in place at Pathmeads to work with the Church Commissioners to enable a smooth transfer of the management arrangements for these homes. The Church Commissioners' housing management staff will also transfer to the Pathmeads team to add significant support and continuity.” 

 

Grainger GenInvest are committed to continue the improvement programme initiated by the Church Commissioners and have allocated an investment of £9m to be made over the next five years. They are also planning a number of initiatives to build good relations with the current tenants to include:   

· Facilitating the formation and continuation of resident associations to work with Pathmeads on all service improvement initiatives.

· Regular newsletters being sent to all residents to keep them fully informed. 

· Regular on-site surgeries to listen to tenants’ ideas and concerns.

· Developing a transfer policy that meets the needs of existing residents

· Providing a seven day-a-week cleaning plan to improve the appearance of the area

 

Tom McGregor added, "We have written to tenants to confirm the exchange of contracts and once the sale has been completed we will be able to provide more information to the tenants. It is important to Grainger GenInvest that the rent levels remain affordable to the tenants and we are committed to safeguarding the current tenancies regardless of tenancy type and maintaining support for key workers. Pathmeads is a Registered Social Landlord and manages over 20,000 homes and has extensive experience over 26 years in delivering all aspects of a high-quality, responsive housing management service."

 

Paul Clark, Chief Surveyor of the Church Commissioners, said: "We are pleased to have exchanged contracts with the partnership of Genesis and Grainger Trust. We believe this represents an excellent outcome both for the residents and for the Church Commissioners."

 

 

Notes:

 

The Church Commissioners

 

The Church Commissioners manage assets worth more than £4 billion on behalf of the Church of England. The portfolio of assets includes stock market investments, and commercial, residential and rural property investments. In 2004-5, the Church Commissioners contributed approximately 18 per cent towards the total funding for the Church.

 

The Commissioners’ mission is to support the Church of England's ministry, particularly in areas of need and opportunity. The main responsibilities are:

· to make the best possible long term return from a diverse investment portfolio

· to manage their investments so as to provide the maximum sustainable amount of support for parish ministry, particularly in areas of need and opportunity

· to meet their pension liabilities and other commitments such as those concerning bishops and cathedrals

· to administer the legal framework for pastoral reorganisation and settling the future of redundant churches.

 

 

The Residential Property Portfolio

 

The London-based residential property portfolio forms around eight per cent of the Commissioners’ overall investments, and twenty-eight per cent of the property portfolio. The residential portfolio comprises two distinct parts: the Hyde Park estate, in central London – some 1,800 properties, largely leasehold; and the Octavia Hill estates comprising some 1,130 properties mainly in South London.

 

The Octavia Hill estates form part of the investment portfolio of the Church Commissioners and, before that, were part of the investment portfolio of the Ecclesiastical Commissioners.

 

The Commissioners’ legal duty as trustees is to manage their assets for the financial support of the Church of England nationwide. They carry out regular reviews of all their investment assets, equities, property or otherwise, to ensure that they continue to be managed in a way that best enables the Commissioners to provide this support.

 

Whilst residential property forms part of the Commissioners’ investments, it is not one of their objects to provide housing.  The Church Commissioners are a private landlord. In this respect they are quite different from a Housing Association or Registered Social Landlord, as the purposes of the Commissioners’ business do not include the provision of housing (other than housing for the clergy).

 

In the past ten years, the total return on the Church Commissioners' investments has averaged 11.1 per cent per annum compared with 7.9 per cent per annum for their independent benchmark. This has resulted in an additional £45 million per annum being made available for the ministry of the Church of England, compared to only the benchmark return being achieved.

 

 

The Genesis Housing Group

 

Genesis Housing Group is one of the UK’s largest and most successful providers of homes for rent and sale. The Group currently consists of PCHA, Sutherland, Pathmeads and Springboard housing associations and together, owns and/or manages more than 41,000 homes across London and the south east.

 

The management of homes will be undertaken by Pathmeads Housing Association. Pathmeads has extensive experience in delivering all aspects of a high-quality, responsive housing management service and is responsible for over 20,000 homes.

 

 

Grainger Trust

 

Grainger Trust Plc is the UK’s largest quoted residential property owner with over 12,000 homes and gross assets in excess of £1.4 billion.  The Company’s standing as a reputable and caring landlord has enabled it to purchase large portfolios and one-off properties from a variety of vendors, including private and public companies, the Government, charities and private individuals.

 

 

Properties

 

Waterloo Estate

The estate lies south of The Cut just by the Old Vic Theatre at the back of Waterloo station. The properties, built in the 1900s, are in a conservation area and comprise 159 homes as flats and cottages. They have recently undergone a major refurbishment programme principally to the exterior and shared areas of the homes.

 

Middleton House, Pimlico

Middleton House lies off Causton Street and comprises 32 one, two and three bed flats in two four-storey apartment blocks. They have recently undergone a major refurbishment programme principally to the exterior and shared areas.

 

Vauxhall Estate

The Vauxhall estate is situated off Wandsworth Road and Wilcox Road and comprises 230 flats in eight apartment blocks, as well as a parade of 23 shops. The older buildings date back to the 1930s. A major refurbishment of the exterior and shared areas, as well as the gardens, has recently been completed.

 

Winchester Park

The Winchester Park estate lies between Union Street and Pepper Street, SE1, beside the site of the former All Hallows Church, and comprises 93 flats in seven interlinked blocks, built in the 1930s.

 

Walworth Estate

The Walworth estate lies off Liverpool Grove in the SE17 area. It comprises 618 residential properties, being a variety of two and three storey terraced houses and apartments built at the beginning of the last century. The estate also includes a doctors’ surgery and a corner shop.