Ilke Homes signs £31m deal for 227 modular homes

Ilke Homes is to build 227 new modular homes in Grantham, after it signed a £31m deal with an institutional investor.

Ilke will deliver the factory-built homes to a 6-hectare site
subject to planning permission, following the deal with investment management
firm Man GPM.

Of the 227 homes, 140 will be made available at affordable
rent levels, 47 for shared ownership and 40 homes will be for private sale at
market value.

Man Group will act as developer on site, while ilke Homes
will manufacture the homes offsite at its 230,000 sq m factory in Yorkshire.
Once complete, the modular housing company will transport the homes to the site
in Grantham. 

Matthew Bench, executive director of partnerships at ilke
Homes, said: “It’s a huge vote of confidence in MMC from the institutional
marketplace and it’s fantastic that Man GPM are spearheading that investment.”

“Our accredited, digitally-led method of delivery continues
to significantly reduce construction timelines, typically by half when compared
to traditional methods, helping investors access revenue streams at the
earliest possible point. Being able to meet institutional ESG aspirations and
aligning ourselves with the shift of the investment market to single family
housing further underpins our near 200% growth seen this financial year.”

Ian Jackson, investment director, Community Housing at Man
GPM, said: “We’re delighted to have completed our first investment in modular
housing with ilke Homes, and one of the largest investments in modular housing
in the United Kingdom to date. The overall design and quality of the homes
should deliver not just high quality, energy-efficient affordable housing, but
a community for families to call their own. We aim to deliver more affordable
homes using modular construction, which we believe is a great housing product,
and the future of the residential housing industry.”