Investor launches £50m offices-to-homes fund

Private equity investor Consensus Capital has launched a £50m programme to convert vacant city centre office buildings into social housing.

Subsidiary Consensus Capital Property Limited said it will roll out 25 developments across the UK over the next two years, providing 1,200 apartments for housing associations.

The first development is underway in Perth and the investor is pushing ahead with six similar developments – two in Edinburgh and in Glasgow, Manchester, Birmingham and London.

Consensus Capital chief executive Mark Emlick said: “We have identified a niche in the commercial to residential development market which is attracting significant interest from housing associations across the UK who want to develop new stock but have been constrained due to cutbacks and lack of developer activity.

“This is a key development for Consensus Capital plc and our property arm and we see this providing a major platform for growth over the next few years.”