Southern Housing Group
FFT Successfully Completes Sale of Stock Rationalisation Portfolio in Wiltshire, Swindon and Berkshire for Southern Housing Group
Southern Housing Group (SHG) identified a need to rationalise its geographical footprint by transferring its westernmost stock holdings to a provider with a stronger local offer. The stock holdings comprised 731 social housing and leasehold properties spread across Wiltshire, Swindon and Berkshire.
FFT was appointed as stock rationalisation consultants and project managers. Our role was to provide a comprehensive cradle-to-grave service, including pre-marketing due diligence; marketing; compiling and releasing a sales prospectus; evaluating competitive tenders, and managing the transaction through to phased completion. All this in the space of 10 months from initial instruction.
SHG required enhanced management of the internal project team, as well as a comprehensive set of project documentation. Despite having a significant track record as an organisation in the tenanted transfer market, some individual knowledge had been lost, and there were no tested processes in place.
In addition, the required timescales were extremely demanding, and financial targets had little room for manoeuvre. Furthermore, the portfolio itself was varied and complex, particularly with regard to the number of third party legal consents required.
FFT embedded itself in a large internal complex team, implemented the FFT Stock Rationalisation Disposal Toolkit, and prepared a tailored suite of project documentation. Regular internal meetings were also chaired by our team, with additional forums held to support operational transition.
FFT acted as the central point of contact for the buyer, solicitors and the SHG team. It was crucial to achieve the set financial targets, whilst ensuring a smooth operational transition from SHG to Stonewater. In order to realise this, FFT proposed an innovative phasing strategy to ensure sufficient stock transferred within the financial year, whilst enabling maximum time for mobilisation and clearing third party consents for the remainder.
Through full appointment, FFT was able to support SHG in meeting the numerous and very specific project objectives. We were able to provide the full suite of agency, commercial, stock rationalisation, project management and consultancy services, giving SHG added value in respect of a fully comprehensive service, all under one highly specialist roof.
For more information on our stock rationalisation services, or advice on buying, selling, or identifying opportunities, contact Stuart May, Head of Housing Consultancy – E: [email protected] T: 07815 960390.