Stonewater and Greenoak Housing Association have agreed an intention to enter into a partnership that will eventually see the latter become fully subsumed under the Stonewater umbrella.
Initially, Greenoak will expand its operations as a subsidiary of Stonewater and will “later” become part of the Stonewater group.
It is hoped that the partnership will help drive sustainability within the two organisations and the wider social housing sector.
The announcement follows detailed discussions between the parties’ respective boards, which both believe the partnership has the potential to deliver more sustainable new homes, expand their existing customer offer, and drive the net-zero agenda “as leaders in the sector”.
While details of the deal are still being agreed, it’s envisaged that the overall partnership would mean:
- Greenoak becoming a subsidiary of Stonewater for two years, then becoming part of the Stonewater group while maintaining a regional operational base in Woking
- Transferring housing management of around 600 Stonewater homes into Greenoak management, on a phased basis
- Establishing a new national Centre of Excellence for zero carbon development and retrofit, which will “pioneer exemplar projects, standards, and processes to achieve genuine sustainability”
- Expansion of direct service provision and apprenticeship opportunities through new pilot schemes to enhance asset management and support the development of trades skills, particularly to drive delivery and operation of zero-carbon projects
- The creation of a new ‘future-proof’ brand for selected developments to accelerate the provision of energy efficient and sustainable homes
‘We need to be agile’
Nicholas Harris (pictured), chief executive at Stonewater, believes the partnership will bring a range of benefits.
He said: “There is a strong, natural fit between Greenoak and Stonewater, particularly in the areas of social ethos, customer care, and commitment to the net-zero agenda.
“With so many challenges facing the sector, not least the on-going housing crisis, post-Brexit impacts on supply chains and costs, the climate emergency, and the need to drive up customer standards, we need to be agile in our response; and the partnership will enhance what we do now, as well as what we want to do in the future.”
Greenoak says it is “well-recognised” for its track record in environmental sustainability.
It is a long-standing member of the Good Homes Alliance and a founding member of its Pathfinder network, established to help housing associations drive enhanced sustainability and performance standards for new housing developments.
Chief executive Diana Kingdon says she is confident the partnership reflects Greenoak’s ambitions.
She said: “We have always been about providing good quality homes that are both affordable and sustainable.
“Greenoak has been at the forefront since winning several national awards for sustainability and innovation in this field, all demonstrating a passive, fabric-focussed approach.
“The need for more sustainable homes and enabling ‘greener’ living has become ever more pressing to achieve the 2050 net-zero-carbon target.
“We need an urgent response to the current housing and cost of living crises, and we could contribute more strongly by working together to provide more energy-efficient affordable homes.
“Joining with Stonewater will enable us to scale up and play a significant role in the sector’s contribution to the emerging ‘green economy’, by create genuinely sustainable homes and communities, where they are needed most.”
While the partnership has been agreed in principle, talks will now continue to agree more detail, including due diligence, lender consents, and resident consultation, with a final decision expected towards the end of the year.
Stonewater is a social housing provider that manages around 34,500 homes in England for over 76,000 customers.
Greenoak owns and manages around 550 homes across Surrey and Sussex.
Image credit: Pressmaster/Shutterstock
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