Ballymore registers for-profit affordable housing provider

John Mulryan, chief executive officer of Ballymore UK, said: “The registered provider registration has been a proactive response to the very real challenge facing large-scale housing delivery in London.

“The inability to secure a registered provider for Section 106 homes is a significant risk to bringing forward much-needed housing.”

He added: “This is not a magic wand by any means, but it is our hope that this move will enable delivery, reduce development risk and put us in a strengthened position to work collaboratively with our public-sector partners to increase the supply of affordable homes where they are most needed.”

Ballymore first revealed it was setting up a for-profit provider in December last year, as it struggled to find social landlords in London to buy its Section 106 homes.

Registering a for-profit provider will allow the developer to build out its pipeline while continuing to own these homes.

Stevan Tennant, managing director – development at Ballymore, said at the time that there is a “very real challenge” facing large-scale housing delivery in London.

“The inability to secure a registered provider for Section 106 homes represents a significant risk to bringing forward much-needed housing,” he said.

“Establishing our for-profit registered provider is a proactive response to that challenge, so that we can unlock delivery while creating more integrated communities.”

Alongside its development management activities, Ballymore has construction and asset management teams in the UK. Ballymore Asset Management currently has more than 10,000 homes under management.

Earlier this month, Ballymore received planning approval for 1,685 homes with a co-living element on a brownfield site in Newham, east London.