Church Commissioners in discussions to sell residential properties
The Church Commissioners have entered discussions with several specialist housing providers with a view to selling the freehold of the Commissioners’ residential properties in the Stoke Newington and Maida Vale areas of London, as well as part of the freehold of their Waterloo estate, London.
The move follows a review of the Commissioners’ residential property portfolio. Some 480 properties are involved in the discussions.
Paul Clark, Chief Surveyor of the Church Commissioners, said: “We believe our proposed way forward will both contribute towards our mission to support the Church’s ministry and be a good outcome for our tenants. Unlike the Commissioners, the new owners are focused housing providers and so are likely to be in a position to invest in the properties for the long term.
“The Church Commissioners have a wider investment portfolio and our duty is to deliver the best possible returns on our investments to help fund the work of the Church across the country. This duty sometimes involves making changes to our portfolio such as this.
“We are currently speaking to a shortlist of three specialist housing providers, all of whom are Registered Social Landlords. Nothing has been finalised, and we do not yet know who the new owners will be.”
The Church Commissioners have informed tenants of the discussions taking place, and will be communicating throughout the process with tenants and other interested parties.