Red Clover Gardens is the development of 157 homes for private sale, affordable and social rent. The properties are in five separate blocks on Lion Green Road.
The sale to Notting Hill Genesis has ended. They have decided not to proceed with the purchase. The new buyer is Regen Capital who will acquire the freehold to the development. The Council will take on a long lease for the affordable units but will immediately sub-lease them to Mears or one of their registered providers. The Council will discharge duty and the tenants will become Mears tenants with the Council not involved in any day-to-day management of the tenancies or the properties.
The 72 private units will remain with Regen Capital who will either privately rent or sell them to private buyers.
The aim is to complete the transactions by the end of August although this timescale is likely to slip due to the nature of the due diligence work.
