Capsticks has supported Ocean Housing in the sale of 469 shared ownership homes for just over £46 million to a Gresham House Limited Partnership via ReSI Homes, their wholly owned registered provider of social housing. This deal provides Ocean with the capital to bolster its plans to reinvest in existing properties and to deliver 1,000 new homes of all tenures by 2030, as well as contributing to the Cornwall Council housing strategy.

Capsticks’ work with Ocean Group’s Board ensured a smooth transaction, meeting the tight deadlines for the sale. The sale between Ocean Housing and Gresham House represents the beginning of a long-term partnership to support investment in social housing stock in Cornwall and be a major provider of new affordable homes in the county.

Although Gresham House have acquired the shared ownership homes, Ocean Housing will continue to play a vital role in the management of those homes, engaging with residents to ensure they continue to receive the best service for many years to come. Ocean Group will continue to offer shared ownership properties in the Cornwall area.

Susie Rogers, Partner and project lead commented:

"Providing solutions that make a difference is at the core of what we do. This shared ownership sale has not only enabled Ocean Group to look forward with confidence, it will also play a vital role in supporting its plans to build 1,000 new homes in Cornwall by 2030."

Mark Gardner, Group Chief Executive of Ocean Group said: 

“Ocean Group are delighted with the success of this sale. Capsticks provided us with superb advice, assuring Board engagement and impressive commitment to deliver. We can now look forward to delivering a quality service to residents and substantial social benefits for Cornwall, unlocking further affordable housing in an area where it is sorely needed.”

Susie Rogers was assisted on this project by Kayleigh Bradford, an Associate in Capsticks’ Housing and Regeneration Division.

Capsticks aims to be the firm of choice for organisations who work to make a difference. Our purpose is to be the legal advisers that clients want by their side, providing innovative and practical solutions tailored to our sectors’ unique challenges. Our lawyers work together as one team with the same values: putting people first, doing the right thing and always forward thinking.