Oakley secure multi-million pound property deal to create affordable and low-carbon homes in Brighton

Oakley Property have acted for Gold Property Developments (Gold) on the sale and forward funding of a major single family housing development at Coombe Farm, Brighton. The land and build agreement is part of the deployment of capital by Man GPM.

Work has now commenced on site at Coombe Farm to construct the 72 new homes with 83% for discounted rent or sale, over double the planning approved target of 40% affordable housing.  The transaction will involve Gold’s construction division building out the houses for Man GPM, with all homes expected to be completed in 2023.

Chris Oakley commented

"Whilst originally granted planning permission by Brighton & Hove City Council as a private market housing scheme for 60 houses, Gold subsequently submitted revised plans for a greatly improved scheme of 72 homes, which includes ‘home zones’ that will provide the new estate with traffic free and calmed environments, as well as sensitive new landscaping. The homes’ carbon emissions are also expected to be 56% lower than required by UK building regulations, with the designs combining fabric improvements with air source heat pumps and photovoltaics”.

Shamez Alibhai, Managing Director and Head of Community Housing at Man GPM, said:

“We are delighted to be delivering a development at Coombe Farm that will provide much-needed affordable housing for the community in Brighton.  With this investment we have demonstrated that socially responsible, patient capital can deliver affordable homes, create an environmentally sustainable community and do this without government grants.  By working closely with Gold we have created an exemplar development scheme that will meet the needs of people, place and planet”. 

Managing Director of Gold Development, Phil Todd added,

“We are delighted to have secured investment from Man GPM, enabling the provision of high-quality affordable homes that are within reach of local families and key workers. The regeneration of this former brownfield site to deliver affordable and low carbon housing fits with our vision for the site to develop a project that directly benefits the existing community in Saltdean”.

The sale and forward funding transaction agreed with Man GPM is the culmination of several years’ work for the Oakley team, who provided professional services to secure the original planning consent for 60 homes, negotiated the sale of the site by the former dairy farm owners to Gold Property Developments and ultimately agreed the multi million pound sale and forward funding transaction with Man GPM, which will facilitate delivery of the majority of the homes on the site for discounted rent or sale to provide much needed affordable family housing in Brighton & Hove.

 Oakley Property will be supporting Man GPM to market the shared ownership and private market sale houses with show homes to be launched in 2023.