New Cut is a fully mutual housing co-operative built in 1991. It became fully independent soon after being completed. There are 41 homes with shared facilities including a communal garden.
They were looking to develop additional units for older members on a small car park area they own, which would free up homes for new members.
How we’re helping
We supported an initial feasibility and viability study, although the co-op did not take it further.
London CLT have secured a Transport for London owned site through the GLA’s Small Sites Small Builders programme, to deliver affordable homes linked to local incomes.
The site has a complicated planning history, where conventional housing is unlikely to be permitted, although widespread community support for affordable housing could allow homes to be provided where they otherwise wouldn’t.
Tonic aims to create vibrant and inclusive urban LGBT+ affirmative retirement communities.
Tonic was established by the LGBT community to address issues of loneliness and isolation, and provide a fresh approach to growing old together.
They sought partnerships with housing associations providing specialist housing and care projects and identified a number of opportunities. In March 2021 The GLA confirmed a £5.7 million loan for Tonic to purchase recently completed properties in a specialist development in Vauxhaul, designed by Norman Foster.
Tonic@Bankhouse has 19 properties available as Older Person’s Shared Ownership, with access to a communal lounge and terraces in the development.
Tonic Housing also intend to become a registered provider of social housing, so they can also directly provide affordable rented homes in the future.
How we’re helping
We provided support and funding for detailed negotiations with Housing Associations and the GLA on the purchase of the 19 homes.