Cluttons has been appointed by London City Mission, a Christian charity dedicated to serving churches and working with people in London who are living in poverty or on the margins of society, to review and realign its property portfolio in the capital.
London City Mission is committed to working with people in some of the most disadvantaged communities in London. Providing practical, relational and spiritual care, they work, for example, with people who are living or working on the streets, families who struggle to make ends meet, older people who are lonely and isolated in their homes and young people struggling with a sense of identity and belonging.
The charity has a wide range of property holdings across Greater London which Cluttons has been reviewing to ensure that the property asset strategy delivers against its charitable objectives and overarching mission. This includes advising on value, assessing geographic context and advising on the different levels of risks involved in order to make disposal or development of properties in the portfolio as deliverable and beneficial as possible.
A portfolio of 21 residential development sites (The Nasmith Portfolio) has been selected for development and was brought to the market by Cluttons on 14 September 2019. The funds freed up as a result of the development programme will then enable London City Mission to continue delivering its charitable objectives, helping to sustain the vital work of the Mission across London for the long-term. The programme will also result in improved community spaces and create more homes, including affordable homes, in the city.
Commenting on the project, Sam Graham, head of development agency at Cluttons said: “Like many charities, London City Mission has a significant property portfolio. We have made recommendations to ensure they are gaining maximum value from the portfolio which can be reinvested to the benefit of those who need it most.”
Simon Hirst, Programme Director of Property Development at London City Mission said: “We appointed Cluttons because of their track-record and expertise in the charity sector and their knowledge of property development in London. This is a significant investment programme for us, as we seek to ensure the long-term sustainability of the Mission and continued outreach and provision of services into some of London’s most deprived communities.”