Gentoo Property Management
Gentoo Property Management – Sunderland-based housing association Gentoo Group plans to invest £417m in housing upgrades over the next five years, bringing 1,100 rental properties and new homes to market.
The home supplier’s 2019-24 business plan features his ambitious £300m investment package to improve existing homes. Includes:
Gentoo Property Management
The group also announced plans to increase the number of affordable rental properties available in Sunderland. Through the Affordable Housing Scheme, Gentoo will invest a further £117m to provide a further 900 affordable affordable housing by 2024, combining new and existing properties. In addition, its commercial arm, Gentoo Homes, builds over 200 new homes for sale each year, generating an annual profit of around £4m to support the Group’s affordable housing programmes.
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“Our five-year business plan is an ambitious program of investment and homebuilding, but tenants are at the heart of it.
Group CEO Nigel Wilson said: Our property investment program ensures that they have the highest quality homes possible in real estate they are proud to call home.
“Gentoo is directly addressing the city’s ongoing shortage of affordable rental housing by committing to bring an additional 900 properties to market over the next five years. Gentoo Homes Build Program. Together, we will provide people in Sunderland and the wider region with a wide range of rental and private property options.”
The Gentoo Group manages over 28,000 of her properties across Sunderland. One of Sunderland’s largest employers, he is also a landlord in the North East. He recovered from a 2017 sentencing in which Sunderland housing groups were criticized for failing to monitor large retirement payments.
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The housing group’s Gentoo has recovered from a terrible sentence from industry regulators two years after it was criticized for failing to oversee millions of pounds in severance payments.
The group, which owns and manages approximately 29,000 homes in Sunderland and other parts of the North East, was upgraded from a ‘non-compliant’ rating issued by the Public Housing Regulator in 2017.
The assessment came after Gentoo’s then-board was said to have waved a severance and compensation package to the company’s directors who lacked the “appropriate skills and diligence”.
The ruling resulted in extensive changes to Gentoo’s top team, and although Gentoo is now said to be compliant with regulatory standards, some aspects of its governance arrangements need to be improved. .
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Group Chair Keith Lorraine said: This reflects the significant effort and priority given to rectifying the issues that led to the regulatory downgrade in October 2017.
“We would like to thank our Board members and Gentoo colleagues for their continued excellent service to our tenants throughout this process. We will continue to work together.”
Gentoo operates the former Council House Stock of the Sunderland Council and owns other public housing in Northumberland, South Tyneside, Redcar and Cleveland.
It also has a division that develops new homes for sale and provides residential care for the elderly and disabled.
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The social housing regulator’s report said changes made since the previous ruling had improved Gentoo’s governance structure, adding that it now has a well-funded business plan.
However, the group warns that it relies on income from home sales and must manage the financial risks associated with it.
Group CEO Nigel Wilson said:
“Our tenants are at the heart of everything we do, investing £417m to improve our homes and creating an additional 900 affordable rental homes in Sunderland by 2024. We will continue to advance the goals of our business plan by providing homes.”
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Launch of the Gentoo Homes scheme: Coun Rebecca Atkinson (middle), Gentoo CEO Nigel Wilson (left) and Sunderland City Council Leader Coun Graeme Miller (right) (Image: gentoo)
Construction is underway on Sunderland’s flagship residential development with over 500 new homes in his £117m investment plan announced by Gentoo.
Gentoo Homes is the private homebuilder leading the Chestergate scheme, part of a plan to bring her 900 additional affordable homes to Wearside.
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Phase 1 of the development will be at the gateway to the city from his A19 on the old Pennywell estate off Chester Road, with 118 new contemporary homes for sale and includes a new access road .
Sunderland City Council is upgrading a major highway, and work has already begun on part of the site that has been neglected for years.
A total of 500 homes have been allocated to the vacant lot, but plans for future stages beyond the first 118 properties of the development have yet to be confirmed.
Gentoo recently announced plans to invest his £117m in 900 additional homes for rent in Sunderland as part of its new affordable housing programme.
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Mr Wilson said: This is a vital regeneration project for the city, providing much-needed quality new housing for local residents.
“This is also a great example of how Gentoo Homes can build homes for sale and generate a surplus to help provide new affordable rental housing.”
Earl Rebecca Atkinson, Sunderland City Council Minister for Home Reconstruction, said: These include the construction of housing for all residents, young and old, for all types of housing must be a priority.
“Gentoo’s recent pledge to work on this new development and 900 new homes for renters is part of this housing commitment and to see a more dynamic and vibrant Sunderland.”
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Sunderland City Council leader Earl Graeme Miller added: Using the guidelines and regulations that the government has given to all parliaments, Sunderland will see thousands of new homes built in the next few years.
“As a council, we are always looking at options and ideas for working with developers and other partners. He has contributed to a £2m highway construction project.
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