News09.06.23by Alice McCoolLarge housing association Stonewater has handed over the management of 640 properties to its subsidiary in Surrey and Sussex.Greenoak will take on the properties from Stonewater (picture: Greenoak)SharelinesStonewater has handed over the management of 640 properties to its subsidiary in Surrey and Sussex #UKhousing The 36,000-home landlord has transferred 640 homes to Greenoak, its Woking-based subsidiary.
In a press release, the two associations revealed that it had always been the intention to transfer the properties in Surrey, East Sussex, West Sussex and Berkshire to Greenoak. It become a subsidiary of Stonewater in January. At the time of the merger, it was announced that around 550 affordable homes owned or run by Greenoak across Surrey and East and West Sussex would be transferred to Stonewater on a phased basis, as part of the tie-up.
However, this new transfer will make Greenoak responsible for providing housing management services to customers in these homes, while Stonewater will continue to manage the maintenance of the homes until the subsidiary has the resources to take this on as well.
Marcus Canning, interim director of Greenoak, said: “Residents will be minimally impacted and will benefit from the expertise and experience of two forward-thinking housing associations.” Greenoak describes itself as “an established player in promoting sustainability”, having won awards for its approach to green homes and low-energy schemes.
The partnership between the two providers includes the development of a national centre of excellence for zero-carbon development and retrofit, according to the release.
Nicholas Harris, the chief executive of Stonewater, described the partnership as “another exciting milestone on Greenoak’s journey of becoming a member of the group”.
The landlord reported a post-tax surplus of £23.9m in the year to the end of March 2022, compared with £48.8m the previous year. The reduced surplus came despite turnover rising 7% to £225.4m.
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