INVESTMENT of £6.2 million has been made into two Scottish specialised supported housing projects by Triple Point Social Housing REIT plc. The two projects will provide much-needed homes-for-life in the community for people with long-term health needs.
Triple Point’s first investment in Scotland saw £5.4 million invested in the construction of a state-of-the-art building that will provide self-contained homes for 24 people with learning and physical disabilities.
The property, which is in the heart of Edinburgh, was commissioned directly by Edinburgh City Council to meet the significant demand for this type of housing. Construction began in September 2019 and is expected to complete at the end of 2020. The property, known as Heron Court, will have adaptations like wetrooms, a warden call system and a lift.
Triple Point’s most recent investment in Scotland was in a property in Dalkeith near Edinburgh. Built in 2011, the building benefits from £823,000 of improvements such as wetrooms, window restrictors, thermostatic valves and disability ramps.
Importantly, this project has allowed five friends with learning and physical disabilities to remain together after their care home’s operator lease expired. The five friends had already lived together for more than 20 years.
Max Shenkman, Head of Investment at Triple Point, said: “We are delighted to have made our second investment into Scotland. Like our investment in Edinburgh, our investment in Dalkeith represents further commitment to using private capital to create a social impact for some of the most vulnerable people across the UK. We look forward to funding the development of additional housing stock in Scotland and elsewhere that will enable people to live in the homes they need and deserve.”
Triple Point is a real estate investment trust launched in 2017 that invests private capital into much-needed new social housing projects around the UK. It invests in newly-built or newly-renovated specialised supported housing, which provides community-based homes for people with lifelong health needs like learning disabilities, autism, mental health needs and physical disabilities.
By the end of September 2019, Triple Point had funded the development of 366 new social housing homes providing homes-for-life for 2,592 people.
The model is helping to deliver high-quality homes which unlock better outcomes for vulnerable people while saving the Government money, since specialised supported housing is considerably cheaper than care in institutional settings such as care homes or hospitals.