Andium Homes scales up Capital Programme

6th March 2020

Jersey needs more homes, and Andium Homes is currently on site delivering over 730 new properties, in addition to the 75 delivered during 2019 at Belmont Court (15) and the first phase of Samares (60)

Work continues at pace at: 

  • Samares, where a further 140 continue to be delivered;
  • Le Squez Phase 4, where 151 new homes are in delivery;
  • Ann Court, where 165 new homes are in delivery;
  • Summerland, where 82 new homes are in delivery;
  • Robin Hood, delivering 5 new houses;
  • Rosemount Mews, delivering 2 new houses;
  • Convent Court Low-Rise, a new facility for Age Concern and 21 new homes in delivery;
  • La Collette Low-Rise, where 147 new homes are in delivery.

Andium Homes is making a significant contribution to housing the people of Jersey, particularly those who cannot afford the high cost of open market housing in the Island.
Looking ahead, we have lots of opportunities to contribute even further to meeting housing needs in Jersey. We are playing a significant role in the provision of housing, not only traditional social housing, but also lower-cost homeownership and Keyworker housing solutions.

Our current business plan commits to the delivery of 2,000 new homes by 2025 with a further 200 homes per year to 2030 and, through sales of existing and new properties, it is envisaged that 1,000 families will also be helped into lower-cost home ownership. These schemes are funded through our borrowing from the Government’s £250 million Bond, and we are delighted to announce that we have also just secured, with support from the Assistant Minister for Treasury and Resources, access to a private credit facility of an additional £150 million, through HSBC and Natwest International. This new facility provides us with the certainty to progress our current projects, as well as those in the pipeline, and ultimately to deliver the homes that Islanders need.

Lindsay Wood, Finance Director for Andium Homes, said “Andium has now fully committed to the funds made available from the £250 million Bond that Government secured in order to assist Affordable Housing providers in achieving the Decent Homes Standard across their stock and to progress with a number of new developments. We are currently on site delivering over 730 new homes but with many more schemes in the pipeline it was important for us to secure additional funds. I am delighted to have reached agreement with HSBC and Natwest International for the additional borrowing, which will be repaid by the income generated from the homes developed. Andium’s business model continues to be low risk and this is reflected in the competitive deal we have secured with lenders – the £150m is on an entirely unsecured basis. The borrowing will result in more people having the security of a home they can both afford and enjoy.”

Mark Thorpe, HSBC Relationship Director, Commercial Banking, said “HSBC is delighted to support Andium, and proud to contribute to this landmark initiative for housing in Jersey. It builds on our 100-year relationship with the Government of Jersey.” Jamie Soulsby, Portfolio Director, NatWest International said “Providing Andium with loan
funding enables them to provide significantly more affordable homes to local families who need them.”

Andrew McLaughlin, Chief Executive, NatWest International said “Housing costs are a key issue in Jersey, and it is important that private and public sector work together to help people and families get access to decent homes. This chimes with our purpose as a bank.” Deputy Lindsay Ash, Assistant Minister for Treasury and Resources, said “Andium Homes is the principal delivery vehicle for Government when it comes to the provision of affordable housing. Ensuring that the necessary funds are available is key to enable the company’s continued success in providing the homes our Island so badly needs. As the Shareholder representative I am delighted with the collaborative work that has taken place between the Treasury and the Andium team to achieve this”.