Oaklee publishes annual report for 2023/2024 and announces first cost rental scheme
The report highlights a 10 per cent growth in group revenue and a significant delivery pipeline of 1,295 homes at the end of the company’s financial year.
Oaklee recently launched its 2023/24 annual report at the company’s AGM, showcasing the organisations continued commitment to addressing Ireland’s housing needs. The report highlights its focus on building and managing high-quality, affordable homes for families, older individuals, and those with specific support needs.
Commenting on the report, Oaklee CEO Sharon Cosgrove said: “This annual report showcases the unique achievements made in 2023/24 across the business, ensuring the continuous provision of social and affordable housing in the years to come and a financially stable future for Oaklee.”
The report also emphasises Oaklee’s efforts in contributing to broader governmental housing policies, leveraging initiatives like the Capital Assistance Scheme, CREL, and the Government’s Social Housing Current Expenditure Programme, a system which currently places heavy reliance on the use of debt finance.
Utilising these funding models has led to a very promising year for the Oaklee Development Team. We have closed several schemes across Dublin and the midlands with several already fully tenanted. as per the end of our 2023/24 financial year we had a pipeline of 1,295 (mixture of in signed, in contract, and in negotiation).
The report also highlights the significant improvement in resident engagement services. Working alongside Supporting Communities and The Housing Agency, a working group comprising staff and residents was established and crafted our most targeted Resident Engagement Strategy to date. With a three-year 14-point action plan, we set out to ensure that tenant voices are central to the continuous improvement of the services provided by Oaklee.
Building for the future
During the year, we grew our Oaklee team from 49 to 58, to enhance our capacity and skills and build on the foundations of our independence. We are fortunate now to have an impressive team of talented professionals working together whose collective ambition is centred around increased delivery of homes and the on-going provision of exceptional customer services for our residents.
Increased delivery of more homes is a top priority for the board in 24/25 and in the current three-year corporate strategy. The delivery of social housing at scale, with strong counterparties and with cost rental is contained in the corporate plan for 2023-2025 and the growth plan approved by the board in June 2023.
The landscape has changed in the last year, with local authorities across the country requiring mixed tenure developments of both social and cost rental and a condition of their approval to AHBs for medium and larger developments.
For that reason, Oaklee’s pipeline grew during 2023/24 with more mixed tenure projects now being assessed by the team, and in turn are beginning to come through the Housing Delivery Committee and Board for consideration. Taking this change into account, embracing the opportunities presented for mixed tenure, the targets in our business plan propose an increase in delivery for 2024/25 and beyond.
Increased delivery for 2024/2025 and beyond: Launching cost rental
Increased delivery of more homes is a top priority for the board in 2024/25 and in the current three-year corporate strategy. The delivery of social housing at scale, with strong counterparties is contained in the growth plan approved by board. We have already made significant progress increasing delivery throughout the second half of 2024 with new homes delivered in Portlaoise, Kill, Cloverhill, and Greystones. The most significant with funding recently granted for 262 homes across Fingal County Council and South Dublin County Council including 154 cost rental homes. This represents a significant milestone for Oaklee as we build on the strategic objective of delivering more homes through strong partnerships including cost rental homes in mixed tenure developments.
As we work to deliver against our objectives, our corporate values are what guide our behaviour and make sure every action, every decision, every word or promise we make leads to more and better homes for those who need one.
Great homes, thriving communities.
T: 01 400 2650
E: enquiries@oaklee.ie
W: www.oaklee.ie
