The project comprised the construction of 15 accessible homes for rent for the over 55s market, which included a mix of five two-bedroom bungalows; five one-bedroom and five two-bedroom Tyneside flats in Newcastle-upon-Tyne.
The Avison Street development was delivered under an innovative and unique financial model which means the client had no capital outlay during the construction period and instead, construction was funded via a third party, known as the Annuity Lease Back Model (ALBM).
Upon completion, the client pay an annual rental from monies received from tenants.
Tolent was able to ensure the annual rental was below the threshold, creating a surplus which was used to maintain and manage the properties.
Tolent is currently on site delivering the next phase, ALBM 2 (£27m), with Newcastle City Council which brings the total number of units delivered to 347 across eight sites under the same Annuity Leaseback Model.