RSH registers three new for-profits including one backed by trio of international players

Storm Housing Group 

Storm Housing Group launched as a subsidiary of Storm Property in June 2020, and has now been granted registered provider status. It describes its parent company Storm Property as a “social impact company that specialises in social impact housing for the care and complex needs sector”.

According to the group’s website, this includes delivering properties for supported housing and extra care, properties for children’s services, student housing and NHS step-down facilities.

Storm Housing Group said that the registration of its for-profit RP would “enable Storm to accelerate its mission of providing high-quality, affordable housing to individuals and families throughout the UK”.

It described the homes it will deliver as “new build sustainable homes in mixed private and social communities”, delivered for people on social housing waiting lists.

The firm has a stated target to acquire more than 1,000 homes across the UK per year and deliver 5,000 by 2027. It says it has raised over £100m of annual investment from social impact investment funds to acquire and build new homes. 

Commenting on having secured RP status, Richard Starkey, chair of Storm Housing, said: “Storm Housing Group is delighted to have achieved this important milestone. Securing registration will allow us to push forward with our ambitious targets for growth while also striving to deliver carbon-neutral homes that our tenants will be proud to call home.”

Storm Housing said that it already provides homes in Stoke and has a “pipeline of developments across the Midlands and Lincolnshire”.

Savills supported Storm on the registration process.

Steve Partridge, director of Savills’ Affordable Housing Consultancy, said: “We were very happy to support Sam and the team in the successful registration of Storm. We were very impressed by the excellent quality of the team and the board, and it was refreshing to see their model designed from scratch to protect the interests of the tenants with a real focus on sustainability. We wish them and their partners all the best in implementing their ambitions.”

Square Roots

Square Roots was set up by developer London Square, and while describing its relationship as “arm’s-length”, the firm has said that its connection with the developer will enable it “to deliver high-quality affordable housing with exceptional customer care”.

According to information published on Square Roots’ website, London Square will act as developer, “working in partnership with Square Roots and institutional investors”.

Prior to registering its RP, Square Roots launched as a company last year and says it has committed £266m of capital for 694 affordable homes, of which 437 are already under construction. It is also an investment partner to the Greater London Authority, and has secured £13.6m to date on its first three projects.

Square Roots intends to secure funding for £1.5bn of capital, to deliver more than 3,500 new affordable homes over the next six years, it has said.

Tenures will include “affordable housing for rent and shared ownership”.

Commenting on the registration, Barbara Richardson, managing director of Square Roots, said: “Our new registered provider status means we can forge ahead with plans to become the market-leading provider of affordable housing in London, unlocking great places and quality homes.

“We will continue to develop and nurture our relationships with local authorities and build on already strong existing relationships with the institutional investor community to secure capital funding.

“While remaining arm’s-length, our unique relationship with London Square will enable us to deliver high-quality affordable housing with exceptional customer care, while empowering residents to influence the services provided.”