Pocket Housing is to deliver 153 new housing units in Croydon, of which 73 per cent will be affordable, aimed at first-time buyers.
The company is preparing to seek planning permission for its site in 28-30 Addiscombe Grove after borrowing £4million from entrepreneur bank OakNorth.
Units will only be sold to those who already live and work in Croydon, are eligible for affordable housing and are first-time buyers and the scheme will add to Pocket Housing’s pipeline of 650 units in the capital.
Pocket Living co-founders Marc Vlessing and Paul Harbard, describe their housing developments as ‘city makers’ which attempt to retain an area’s character and culture by only inviting those who already call the surrounding area their home.
They said in a statement: “We are delighted to have secured finance to help with this deal – the team at OakNorth were incredibly supportive and communicative, ensuring that we knew how things were progressing throughout every stage of the deal.”
Each 686 sq ft unit will feature two bedrooms and the development will also boast storage space for 196 bikes
Deepesh Thakrar, debt finance director at OakNorth Bank, said: “Croydon has been transformed in recent years. Its its 20-minute proximity to central London and relative affordability compared to the capital, makes it a popular choice for first-time buyers looking to take their first step on the property ladder.
“Pocket Living has a proven innovative business model that will continue to grow in importance as the housing crisis deepens. We look forward to working with them in the future.”