Trust purchases 101 new homes
The acquisition brings 101 private rented homes into the social rented sector and secures a sustainable future for the three developments.
Trust has welcomed 107 new customers and six new employees to Trust after recently completing the acquisition of three later living housing developments from Methodist Homes.
The acquisition brings 101 private rented homes into the social rented sector and secures a sustainable future for the three developments. The developments are located in the central belt of Scotland - East Kilbride, Edinburgh, and Glasgow respectively - and close to communities that Trust already serves.
The £3.8 million acquisition has been 50% funded by the Scottish Government, City of Edinburgh Council, and Glasgow City Council, as part of a national acquisition plan to increase the supply of affordable housing across Scotland, supporting local authorities and social landlords to purchase properties that will help meet national affordable housing need.
Methodist Homes are an English-based landlord and the organisation had been looking for a buyer who could secure a sustainable future for the developments. As Methodist Homes are not a registered social landlord in Scotland the customers were classed as private sector tenants with private rented tenancies. The tenancies automatically become Scottish Secure Tenancies with Trust which offer much more security and rights.
The acquisition will also support investment in the homes and services over the immediate and long-term that would not otherwise have been possible. In addition, the transfer to Trust provides certainty for the customers and employees.
Rhona McLeod, Trust's CEO, commented: "We're delighted to have completed the acquisition from Methodist Homes and secured a sustainable future for the developments. We're a growing organisation but we only grow with partners that are the right fit for Trust and will deliver benefits for our customers - both existing and those joining us.
"This wouldn't have been possible without our partners - the Scottish Government, City of Edinburgh Council, and Glasgow City Council - and we're delighted to have worked together to secure 101 homes that will help meet national affordable housing need."