About Us

Tennet Engagement

Local Space was created in 2006 by a partnership between the London Borough of Newham and a group of housing professionals. We are a Community Benefit Society, we are an exempt charity, and we own approximately 2,000 homes, mainly in the east end of London of which 132 are for keyworkers, most of whom work in the public sector. The rest of our homes give homeless people a place to live.

In 2006 we were gifted 450 properties by Newham Council. We raised around £200 million to buy and improve over 1,000 additional homes across east London. These homes are used to house homeless people, mainly on housing benefit, in good quality temporary accommodation. The people who live in them are chosen by the borough councils in Newham, Hackney, Waltham Forest, and the City of London. Around 1,450 of these homes are managed day-to-day by the London Borough of Newham.

Our Local Space model is financially successful and several smaller but similar enterprises have been set up with other local authorities since 2006. We currently employ 25 staff members and we have a skilled and committed Board made up of 10 members, including Newham Councillors, independent Board members and a board member who is a resident.

We are proud of what we have achieved, and we have a bright and financially sound future in front of us.

The Present - Growth

In 2016 we entered into a refreshed partnership agreement with Newham Council to grow our housing stock even further. The Council will provide the tenants from their homelessness list which has been growing in Newham and the wider London area due to high private sector rents and fast rising house prices in the Capital.

The growth strategy has agreed an initial increase in stock of about 800 homes over a 4-year period. To date approximately 100 homes have been purchased. We are actively working to build more relationships with developers and contractors and actively seeking more new development opportunities within our areas of operation.

We have in place shorter-term funds, a revolving credit facility and plans to re-finance this year and in 2023 via the bond market.

Our solid financial position and the rent guarantee afforded by the Partnership arrangement with Newham Council has limited the impact of the recent Government changes in the rent formula for the sector.

Currently, we have been re-affirmed a top credit rating of AA- credit rating with outlook stale from S&P Global Ratings, and have G1 and V1 ratings from our Regulator, the HCA.

If you have not seen them, the following documents can be accessed by visiting our website at www.localspace.co.uk; 

  • Corporate Strategy
  • S&P Global Ratings Report
  • HCA Regulatory Judgement February 2016.

Our Opportunities

The Job Descriptions and Person Specifications for our two vacancies are included on this microsite.

We are at an exciting and critical stage of our development and growth and are now looking for candidates who will be able to support the organisation with competitively secured funding and strong financial management to successfully implement the growth strategy and ensure the effective delivery of robust financial management and reporting, procedures and processes.

Ideally the successful candidate for the Director of Finance and Resources should be able to start by September 2017. Alongside the person speciation, the ideal fit for Local Space will be a Director of Finance and Resources who will:-

  • be accountable to the CEO and be an effective member of the management team, ensuring that the organisation delivers its operational objectives;
  • be able to deputise for the Chief Executive as directed and as required;
  • provide strong financial skills, leadership, judgement and communication skills;
  • support the CEO and Board to deliver the organisation’s strategic vision;
  • have an appetite to work in a small, dynamic and innovative organisation with a reputation for punching above its weight.

Where we are - Stratford

At 58 Romford Road, E15 4BZ, we are based in Stratford, which has seen significant investment in the last 10 years, most memorably as a consequence of the development in the area arising from the London Olympics held in 2012.

This has brought new business and opportunities to the area; and new challenges, not least the impact it has had on the price of houses and rented accommodation.

Our offices are well connected to local transport and within easy reach of Westfield Stratford for underground and shopping facilities. The area provides a fantastic range of shopping, drinking, dining and fitness activities. Stratford is becoming a new go-to destination in the capital.

OUR VALUES

  • Homes that people want to live in
  • Services that our customers are happy with
  • Being a well-managed organisation
  • Being a successful business

Acting with Integrity

We commit to our promises and are open in our dealings with others.

Creative & Innovative Solutions

We look for solutions to our problems and welcome new ideas and ways of working.

Putting Customers First

We work with our tenants to understand their situation and meet their expectations by providing value-for-money services.

Working with Partners

We work with our partners to achieve more for our tenants and make our resources go further.

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