A year since joining Robert Whitton’s end-to-end property company Impact Capital Group, Impact Modular is on site at the Friars View development in Monks Eleigh, Suffolk, in partnership with Archerfield Homes and Rentplus UK.
Impact Capital Group’s involvement in the Friars View scheme ranges from financing the acquisition of the site through to the manufacturing and delivery of units from its 110,000sq ft modular construction factory in Peterborough.
Impact Lending provided finance to Archerfield Homes from its sustainable loans range to support the acquisition and development of the Monks Eleigh project. The housebuilder then tendered the project to a number of modular construction providers, with Impact Modular winning the contract to manufacture the Friars Views scheme.
The financing solution for Archerfield Homes is being provided by Impact Lending’s “Sustainable Construction” product range, which is the first of its kind in the development finance industry by providing sophisticated financial solutions for forward-thinking developers, like Archerfield Homes.
Through Impact Modular’s construction process, carbon emissions will be approximately 30% lower than if the houses were built through traditional construction means.
Friars Views is an Archerfield Homes development consisting of 17 distinguished family homes. The contemporary design of the houses is based on the traditional architecture of the nearby 15th century village.
Jack Randall, Chief Commercial Officer at Impact Modular, said: “The Government has an ambition for the UK to be Carbon Net Zero by 2050 and has set out clear guidelines to launch a Green Industrial Revolution. Friars View represents Impact’s commitment to financing forward-thinking developers like Archerfield Homes who are committed to build using sustainable construction methods on their developments.
“Despite lockdown restrictions, our team at Impact Modular have been able to precision engineer the units in a quality controlled and safe environment, which will result in significantly reduced emissions than would have occurred using traditional construction methods.”
Tristan Lee, Director at Archerfield Homes, added: “The high quality of Impact Modular’s workmanship within the units means that when we launch to market imminently, we are confident that our new homes will be received well.”
The development will reach completion later this summer with the first residents expected to move in shortly thereafter. As well as open market homes, the site will also offer affordable Rent to Buy homes in collaboration with national award-winning provider, Rentplus.
Rentplus’ affordable Rent to Buy offer provides working people with affordable access to home ownership by removing the deposit barrier. Tenants move in with no deposit, pay affordable rent on the property for a period of 5-20 years and choose to buy at key points after year 5. At the point of purchase, they are gifted 10% towards their deposit.
Steve Collins, Chief Executive at Rentplus, said: “This initial scheme is the first in our 350+ unit development pipeline alongside Impact Modular and Archerfield and we’re very proud to be able to offer affordable “rent to buy” homes for local key workers, giving them access to homeownership without the need for a deposit.
“Our award-winning affordable rent to buy solution gives local key workers on lower and middle incomes the chance to own their own home because we remove the deposit barrier that stops them accessing other homeownership tenures. This, and the 10% gifted sum when they buy, provides a much-needed solution for first time buyers in this difficult climate.”
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