Grainger GenInvest exchange contracts on residential properties (UK)

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."

Source: Grainger Trust

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