Jersey Housing Company Secures £100m for 250 New Properties

Andium Homes, the housing company for the States of Jersey, has obtained a £100 million loan to facilitate the construction of additional residences on the island. Lindsay Wood, representing Andium Homes, announced plans to develop 250 properties over the next four years. She indicated that these homes would be made available through social rent and affordable buying options, aiming to provide “much needed homes for islanders.” Housing Minister Sam Mézec characterized the plans as “excellent news,” noting that previous government-provided finances had become “more or less depleted.” Ms. Wood confirmed that all upcoming homes would be dedicated to affordable housing. She stated: “We’ll sell them on the Andium Home Buy Scheme which would see people deferring up to 25% of the purchase price until the home is next sold or we’ll be renting them under the housing minister’s rent policy which would be at 80% of market rent.” Mr. Mézec explained that the housing firm had previously utilized a £250 million bond, established by the government a decade ago, for its development and refurbishment initiatives. He further commented: “But with that bond more or less depleted, going for a further financing arrangement with private providers is excellent news. “It gives them good long-term certainty, rather than trying to do a borrowing arrangement project by project.” Ms. Wood credited the funding agreement to the collaborative efforts of teams from Ernst and Young Debt Advisory, HSBC, Lloyds, O’Melveny and Myers LLP, and Bedell Cristin Jersey. She concluded: “This is an example of us working together at our best to fulfil our commitment to helping as many islanders as possible to access our homes either through social rent or affordable purchase.”