14th May 2021
Andium Homes is delighted to have signed a development agreement with Dandara (Jersey) Limited for the delivery of up to 405 new homes on the Mayfair, Apollo and Revere Hotel sites.
Andium Homes is committed to delivering 3,000 new homes by 2030 through regeneration and intensification of existing land, land transferred by Government and acquisition of land from the private market as in this case.
Options to purchase the Hotels had already been secured by Dandara. Andium’s decision to acquire the sites will ensure that the new homes will be made available through the ‘Affordable Housing Gateway’ for Islanders who are in the greatest housing need and not available for buy to let investors.
The acquisition of new homes such as these allows Andium to continue providing opportunities for first time buyers on other sites, selling at least 60 homes each year at prices considerably below market value through its Andium Homebuy scheme.
The agreement follows the submission of Planning Applications by Dandara for each site late in 2020. The Mayfair Hotel and its adjacency with the Ann Street Brewery site provides a great regeneration opportunity for this part of Town. In response, the Minister for the Environment, recently called for a Public Planning Inquiry. It is hoped that the Inquiry will bring forward support for the many benefits each site will bring.
Subject to the necessary approvals, the sites are programmed for completion in 2025 with Andium Homes funding the projects from the private loan facility secured by the company last year.
Ian Gallichan, Chief Executive of Andium Homes said, ‘These are extremely important and exciting projects for those in need of a quality home and a welcome boost for the construction industry as we emerge from the Covid-19 Pandemic’.
Minister for Housing and Communities, Deputy Russell Labey, said: “This is a significant development, and one which I very much welcome. First and foremost, it will deliver a considerable number of high-quality affordable homes for islanders and keeps Andium on track for delivering on its ambitious target of 3,000 new affordable homes by 2030.
Increasing the supply of homes, particularly affordable homes, is key to helping us create a more sustainable housing market for the people of Jersey.” Deputy Ash, Assistant Minister for Treasury and Resources, said “This project has the potential to create hundreds of much-needed family homes in town, and help us meet our
commitment to reducing income inequality and improving the standard of living.”
Martin Clancy, Managing Director of Dandara (Jersey) Limited, said “We are extremely pleased and very proud to be partnering with Andium in providing the Island with this much needed affordable housing.”