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For the Matrix Homes developments, Manchester City Council partnered with the Greater Manchester Pension Fund, the Homes and Communities Agency and our parent company Places for People to convert small parcels of unused land into 119 much-needed rented homes.
Our parent company Places For People was granted a 20-year lease on the properties. We gave Places for People a firm basis for assessing and predicting the operating costs and lettings income over the 20-year period, including costs of fixtures and redecorating. We then successfully marketed the properties, achieving an average let time of 10 days. These types of multi-party risk-sharing arrangements make new developments possible and help to meet Britain’s housing needs.
Through the Matrix Homes development, the people of Manchester now have more high-quality, long term housing, the pension fund has a stable income source and Places for People has grown and enhanced its portfolio – Touchstone understands their combined needs and delivers a service that meets them.
Touchstone’s core expertise in predicting operating costs and planning, marketing and managing homes has played a vital role in the success of this multi-party arrangement.
Paul Beardmore, Manchester City Council
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