Triple Point will use the extensively redeveloped and repurposed building, which contains 23 self-contained apartments, for high-quality long-term accommodation
London: Triple Point Social Housing REIT (Ticker: SOHO) has purchased Kirkdale House, in Stockton-on-Tees, for £4,710,000 (including purchaser costs), as it seeks to meet the critical demand for specialised supported housing. This deal was initially announced to market in the Acquisitions Update RNS on the 9th March 2021.
Of the 23 apartments, 14 will be allocated for individuals with learning disabilities, 6 for individuals with autism, and 3 for those with mental health difficulties. There will also be accommodation for care staff who will be on site 24/7 to provide support to residents while they live in the community.
The project has been developed with full engagement from the Local Authority, Stockton-on-Tees, and has been extensively upgraded with bespoke adaptations for the residents and improvements made to the building’s energy efficiency including double glazing, LED lighting and thermal breaks to reduce the building’s energy consumption.
The acquisition delivers on SOHO’s aim to use private capital to acquire, or fund the development of, newly-built or newly-renovated housing in the community for people with long-term care needs such as learning and physical disabilities. The housing that Triple Point provides is designed in tandem with local health commissioners to accommodate people moving out of family environments or institutional care facilities such as hospitals and care homes. Commissioners like these homes because research shows they improve resident wellbeing. The resilience of Triple Point’s income derives precisely from the positive impact it delivers.
Max Shenkman, Head of Investment at Triple Point Social Housing REIT plc, commented:
“We are delighted to announce the launch of Kirkdale House. It will provide best-in-class accommodation for many years to come with the full support of the Local Authority, and is part of our mission to help address the significant demand for more high-quality community-based accommodation for some of the most vulnerable people in society.”
