Housing firm secures £100m to build 250 more homes

Andium Homes has borrowed £100m to build more homes in Jersey

The States of Jersey's housing company has borrowed £100m to build more homes in the island.

Lindsay Wood, from Andium Homes, said it had plans to develop 250 properties in the next four years.

She said the houses would be available through social rent and affordable buying and would deliver "much needed homes for islanders".

Housing minister Sam Mézec called the plans "excellent news" since previous finances provided by the government had been "more or less depleted".

Ms Wood said the plan was part of a commitment to help "as many islanders as possible" rent or buy Andium homes

Ms Wood said all of the new homes would be for affordable housing.

She said: "We’ll sell them on the Andium Home Buy Scheme which would see people deferring up to 25% of the purchase price until the home is next sold or we’ll be renting them under the housing minister’s rent policy which would be at 80% of market rent.”

Mr Mézec explained the housing firm had been using a £250m bond set up by the government 10 years ago for its development and refurbishment programme.

He said: "But with that bond more or less depleted, going for a further financing arrangement with private providers is excellent news.

"It gives them good long-term certainty, rather than trying to do a borrowing arrangement project by project."

Ms Wood attributed the funding deal to teams from Ernst and Young Debt Advisory, HSBC, Lloyds, O’Melveny and Myers LLP and Bedell Cristin Jersey.

She said: “This is an example of us working together at our best to fulfil our commitment to helping as many islanders as possible to access our homes either through social rent or affordable purchase."