HIF 1 Success HIF 1 complete with the model performing well Considerable experience has been gained and lessons learnt, by both the Council and the.

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Presentation transcript:

HIF 1 Success HIF 1 complete with the model performing well Considerable experience has been gained and lessons learnt, by both the Council and the Pension Fund The sales of the homes has progressed well and demand has been strong across all sites with properties being released on a phased basis Demand has also been strong for the rental properties Pension Fund is keen to work with the Council again…

HIF 2 objectives Build more homes with greater control of development Create a financial return Share the return from day 1 Build homes that are affordable to households on average incomes Use the Matrix brand

Investor Soft Market Testing To find out what the financial market would offer in terms of an investment structure - several large institutional investors were contacted and discussions took place with 4 organisations Establish what kind of model the market would be interested in developing with the Council Along with the expected investment returns for their financial models To ensure the best possible investment return for the Council, along with sufficient control over the lifecycle of the model

Soft Market Testing – Outcomes The HIF 2 proposal - not of sufficient scale The return required by some investors was higher than that required by GMPF under their proposed model Partnership model not fully realised – at the concept stage Lower return rates for the Council In some cases investors not interested in the Council holding the site as an investment (want to pay the value of the site at day one)