Community Sponsors Homes (CSH) will launch the UK’s first accessible property fund, dedicated to purchasing wheelchair accessible homes for rent in the Private Rented Sector (PRS).
Our immediate focus is to provide accessible properties that are located close to good transport links in urban areas of the UK.
Investors in the fund will be large-scale institutions, family offices, High Net Worth Individuals (HNWI) and Government bodies. They will receive a standard investment return connected with the PRS, together with the delivery of substantial social benefit, but solving the market failure in the provision of accessible homes.
To deliver this, CSH will:
- Establish a small focussed investment team to work with specialist partners in the acquisition and operation of high quality accessible homes to rent.
- Market the proposed fund, and the benefits of accessible property, as an important niche within the PRS to a wide range of potential investors and ensure commitments to the fund.
- Deploy capital at scale into accessible homes using partnerships with regional and national developers.
- Together with our partners we will manage the assets within the fund and report to investors on both delivery of returns and social benefit.
We aim to finalise the arrangements for the fund and secure initial investors by the end of 2018. The initial purchase of accessible property will be let to tenants in the first half of 2019.
We will increase the availability and choice of accessible homes. This will not only vastly improve the lives of wheelchair users and their families, but also create a new marketplace for accessible properties in the PRS.
By providing accessible homes, our ambition is to;
- Increase the number of wheelchair users who are employed, each contributing c£45k the UK economy by 2030 (Scope, 2015).
- Reduce dependence on the state through avoiding bed blocking and care costs. This could save the NHS £683 per day for each wheelchair user living in alternative accommodation. (Aspire, 2016).
- Reduce tenants’ spending on care, heating, equipment and other hidden costs of living with a disability.
- Reduce mental distress and depression caused by family breakdown and isolation
- Result in greater independence and quality of life for wheelchair users and their families.