- Deal will result in construction of 350 affordable rented homes
- Successful consortium was advised by Trowers and Hamlins
- One of 13 that Government has decided to support
- First properties complete by summer 2012
Construction work has now commenced on a £77 million Private Finance Initiative (PFI) project following financial close. The project brings together Wiltshire Council and Silbury Housing Limited (an SPV wholly owned subsidiary of Aster Communities) with Persimmon Homes and sister company Westbury Partnerships to deliver a mixture of one, two, three and four-bedroom houses, flats and bungalows. Aster Communities (formerly Sarsen Housing Association) will be responsible for providing housing and facilities management.
The PFI is one of 13 the Government has continued to support following a value for money review that took place in November 2010.
Silbury Housing Limited is responsible for building the first 242 homes with construction having already commenced. This initial phase is being built in Hilperton, Melksham, Trowbridge, Warminster and Westbury with properties being ready by summer 2012. The successful consortium, Silbury Housing Limited was advised by a team from Trowers & Hamlins, led by Ian Graham.
Ian Graham, partner and leading expert on housing projects at law firm Trowers & Hamlins, said: “We are delighted to have completed this deal which will bring significant new investment into Wiltshire's social housing stock. The project has survived the comprehensive spending review, value for money assessments and general spending cuts which is excellent news for the communities who will benefit from this much-needed new housing.”
Other members of the team were Jonathan Whall on the project agreement and Peter Kitson on the housing management and maintenance subcontracts; Neil Waller and Jessica Gaddes in relation to senior finance/equity/subdebt documentation; Christopher Pedder and Suriya Edwards in relation to construction and development subcontracts and Graham Threadingham in relation to property.
