Our new joint venture brings much-needed homes to Hertsmere

Hertsmere Living, our new joint venture with Hertsmere Borough Council, has just announced the completion of its first development of affordable homes!

Back in February 2022, we agreed to create a joint venture between Clarendon Living, one of our subsidiaries, and Hertsmere Borough Council. Hertsmere Living Ltd aims to help address the housing affordability crisis in Hertsmere by ensuring homes go to those most in need.

On Friday 12 May, representatives from both Watford Community Housing and Hertsmere Borough Council came together to mark the completion of Hertsmere Living's first development, Fairfield Close. The development consists of 3 one-bedroom and 4 two-bedroom flats for social rent, as well as one parking space for each home.

It is due to our brilliant partnership working that we will be able to access additional sources of funding for new homes and make more effective use of land, helping to address the need for high-quality affordable homes. The day-to-day management of homes delivered through the joint venture will be overseen by Watford Community Housing. 

Speaking on the new joint venture, Tina Barnard, our Chief Executive said: “We’re delighted to be announcing this joint venture alongside the completion of such a fantastic set of social rent properties at Fairfield Close. We have a strong track record of delivering through partnerships such as this with key local authorities, because they provide real benefit to the community and enable us to accomplish more, in a shorter space of time. We’re looking forward to a long and prosperous working relationship with the council that will bear fruit for the Hertsmere community.”

Sajida Bijle, Managing Director of Hertsmere Borough Council, said: “We’re pleased to have set up the new stockholding joint venture company with Clarendon Living Limited and delighted to welcome tenants to their new home. It's a new start for both of us! 

“The council is a non-stock holding authority, which means we cannot retain ownership of properties that we have developed to meet local housing needs. However, we have maintained our strategic housing responsibilities and continue to act as the enabler for affordable housing. As an equal partner in a joint venture company, we retain nomination rights over those properties in perpetuity and we can ensure they are always allocated to households that we have identified are in most need.

“The main purpose of this initiative is to help people, who would otherwise not be able to afford it, secure quality, affordable housing for the long-term. We do what we can to address local housing need, through our relationships with registered housing providers and engaging with developers, this initiative will enable us to do more."