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Church Commissioners select buyer for London residential properties

3 February 2006

The Church Commissioners have today informed tenants of their properties at Waterloo, Walworth, Vauxhall, Winchester Park and Pimlico that they have agreed a sale of the freeholds of these properties.

The freehold and management of these properties will be taken over by a partnership between the Genesis Housing Group and The Grainger Trust. Pathmeads Housing Association, a Registered Social Landlord and part of the Genesis Housing Group, will manage the properties.

Paul Clark, Chief Surveyor for the Church Commissioners said:

“We are pleased with this outcome. Unlike Genesis Housing Group and The Grainger Trust, the Church Commissioners are not focused housing providers. The new owners are more likely to be able to make any necessary investments in the properties. We understand the concerns of the residents and have sought to keep them in touch with developments throughout, but believe that this sale will be of benefit to them in the longer term.

"The outcome is also good for the Church Commissioners as it helps us fulfil our duty of providing maximum returns on our investments to fund the work of the Church.”

The decision was taken at a meeting of the Church Commissioners’ Assets Committee this morning, when the offers were carefully reviewed and analysed.

The Church Commissioners will now work towards agreeing a contract for the sale. It cannot be confirmed how long the process will take but it is expected that the sale will complete in the next few months.

Tom McGregor, Managing Director of Pathmeads, said: “We welcome the news of the successful bid by Grainger GenInvest and look forward to working with residents to provide a quality management service. Pathmeads manages over 20,000 homes and has extensive experience over 26 years in delivering all aspects of a high-quality, responsive housing management service.”

The Church Commissioners will continue to keep residents fully informed as the sale progresses.

Notes:

The Church Commissioners

The Church Commissioners manage assets worth more than £4 billion on behalf of the Church of England. The portfolio of assets includes stock market investments, and commercial, residential and rural property investments. In 2004-5, the Church Commissioners contributed approximately 18 per cent towards the total funding for the Church.

The Commissioners’ mission is to support the Church of England's ministry, particularly in areas of need and opportunity. The main responsibilities are:

to make the best possible long term return from a diverse investment portfolio
to manage their investments so as to provide the maximum sustainable amount of support for parish ministry, particularly in areas of need and opportunity
to meet their pension liabilities and other commitments such as those concerning bishops and cathedrals
to administer the legal framework for pastoral reorganisation and settling the future of redundant churches.

The Residential Property Portfolio

The London-based residential property portfolio forms around eight per cent of the Commissioners’ overall investments, and twenty-eight per cent of the property portfolio. The residential portfolio comprises two distinct parts: the Hyde Park estate, in central London – some 1,800 properties, largely leasehold; and the Octavia Hill estates comprising some 1,130 properties mainly in South London.

The Octavia Hill estates form part of the investment portfolio of the Church Commissioners and, before that, were part of the investment portfolio of the Ecclesiastical Commissioners.

The Commissioners’ legal duty as trustees is to manage their assets for the financial support of the Church of England nationwide. They carry out regular reviews of all their investment assets, equities, property or otherwise, to ensure that they continue to be managed in a way that best enables the Commissioners to provide this support.

Whilst residential property forms part of the Commissioners’ investments, it is not one of their objects to provide housing. The Church Commissioners are a private landlord. In this respect they are quite different from a Housing Association or Registered Social Landlord, as the purposes of the Commissioners’ business do not include the provision of housing (other than housing for the clergy).

In the past ten years, the total return on the Church Commissioners' investments has averaged 11.1 per cent per annum compared with 7.9 per cent per annum for their independent benchmark. This has resulted in an additional £45 million per annum being made available for the ministry of the Church of England, compared to only the benchmark return being achieved.

The Genesis Housing Group

Genesis Housing Group is one of the UK’s largest and most successful providers of homes for rent and sale. The Group currently consists of PCHA, Sutherland, Pathmeads and Springboard housing associations and together, owns and/or manages more than 41,000 homes across London and the south east.

All the management of homes in Maida Vale, Waterloo and Stoke Newington will be undertaken by Pathmeads Housing Association. Pathmeads has extensive experience in delivering all aspects of a high-quality, responsive housing management service. It manages over 20,000 homes for local authorities under contract and homes for 6,000 former homeless families through high-standard leased accommodation.

Grainger Trust

Grainger Trust Plc is the UK’s largest quoted residential property owner with over 12,000 homes and gross assets in excess of £1.4 billion. The Company’s standing as a reputable and caring landlord has enabled it to purchase large portfolios and one-off properties from a variety of vendors, including private and public companies, the Government, charities and private individuals.

Properties

Waterloo Estate

The estate lies south of The Cut just by the Old Vic Theatre at the back of Waterloo station. The properties, built in the 1900s, are in a conservation area and comprise 159 homes as flats and cottages. They have recently undergone a major refurbishment programme principally to the exterior and shared areas of the homes.

Middleton House, Pimlico

Middleton House lies off Causton Street and comprises 32 one, two and three bed flats in two four-storey apartment blocks. They have recently undergone a major refurbishment programme principally to the exterior and shared areas.

Vauxhall Estate

The Vauxhall estate is situated off Wandsworth Road and Wilcox Road and comprises 230 flats in eight apartment blocks, as well as a parade of 23 shops. The older buildings date back to the 1930s. A major refurbishment of the exterior and shared areas, as well as the gardens, has recently been completed.

Winchester Park

The Winchester Park estate lies between Union Street and Pepper Street, SE1, beside the site of the former All Hallows Church, and comprises 93 flats in seven interlinked blocks, built in the 1930s.

Walworth Estate

The Walworth estate lies off Liverpool Grove in the SE17 area. It comprises 618 residential properties, being a variety of two and three storey terraced houses and apartments built at the beginning of the last century. The estate also includes a doctors’ surgery and a corner shop.