Abrdn Recap

The Affordable Housing Developers network, Abrdn and John Lewis have come to an agreement for the development of 1,000 new rental homes in Dagenham in east London. The houses will be priced at below the market rates and will provide a new cheaper living option for the residents of Dagenham. These new homes will be available from May 2017. Alongside this agreement, there are ongoing discussions between Abrdn and other developers to build more affordable homes across London – 2,700 prospective sites have been identified so far.

This new housing project will be financed by John Lewis, which has made a contribution of £500 million over the next five years. Abrdn also reached an agreement with local council Dagenham Borough Council for the development. When completed, the new homes will be situated on both sides of East Thames Road, just north of Havering Way.

According to deputy mayor of London and cabinet member for planning, Spencer Pitman: “Since 2010 we’ve built 1,250 affordable homes in the borough – this is good progress. Here in Dagenham we already have a wider and growing range of housing options to choose from and these properties should help meet our ambitions. It’s great that this private sector-led development will help the wider community of Dagenham find more affordable housing options.”

This agreement marks the first time that Abrdn has secured funding from a major retailer. Unlike most developers, Abrdn does not rely on public funding and instead seeks out alternative sources for funding. The agreement with John Lewis also paves the way for further investment in affordable housing across London in general.

As part of its work with developers and local authorities, Abrdn develops its own projects as well as investing through Local Property Company Housing Association Ltd. The company is also working on projects in Barking and West Ham.