In a significant pilot project delivering affordable housing using an innovative alternative funding structure, Archibald Campbell & Harley advised Dunedin Canmore Housing Association in the acquisition of a number of units in Milton Road East, Joppa from Springfield Properties plc. This transaction represents the first affordable housing financed, Regulator approved and acquired using the ResonanceTM Model, a pilot rental guarantee model developed by Rettie & Co in conjunction with Dunedin Canmore to stimulate house building and provide affordable housing without a requirement for capital subsidy.
The Firm worked closely with all parties involved in the project from the outset, in particular Dunedin Canmore, Rettie & Co and the The City of Edinburgh Council and during that process drafted, assembled and ultimately delivered the legal structure and documentation underpinning the ResonanceTM Model.
It is anticipated that this transaction (which provides much needed affordable housing for mid-rent) will be the first of many other projects to be rolled out on same model. Indeed the firm is already acting for the same clients on the acquisition of 18 further units on another prime site in the city.
Janette Speed, Archibald Campbell & Harley, who acted on behalf of Dunedin Canmore and headed the team advising on this deal said "We are delighted to be involved in this high profile acquisition. Dunedin Canmore are a progressive and forward thinking organisation and as a result of working together with them and Rettie & Co, we were able to develop the detailed legal structure which allowed the successful application of the ResonanceTM model.
We hope that the transaction will serve as a broad template for many future deals. It also illustrates our Affordable Housing Team's growing reputation for expertise, excellent client service and project delivery in this sector .We see this as another platform for further growth in this area of our practice."
If you would like any further information about our Affordable Housing Services, please contact:
Janette Speed, Partner, Affordable Housing Team, firstname.lastname@example.org, DDI: 0131 270 8129
Laura Bloxham, Solicitor, Affordable Housing Team, email@example.com, DDI: 0131 270 8014