An historic charity in south London has announced that it will sell 11 residential properties in a bid to raise up to £4m.
Croydon Almshouses, the oldest charity in the borough, is set to offload all but one of its 12 terraced houses on Helder Street, with 18 tenants moving as a result.
The charity, which has provided low-cost housing for older people since 1447, decided to sell the properties after finding that they no longer delivered a sufficient return on investment to justify keeping them.
Chief executive Hayley James told Civil Society that the sales would not affect the charity’s core set of 57 individual almshouse units that it operates at Elis David Almshouses on Duppas Hill Terrace in the borough.
Out of the 11 properties for sale on Helder Street, six tenants have found homes that they are “happy” to move into, James said.
Investments a key source of charity income
The charity cited a decline in resources, rising demand and financial pressures as reasons it was looking to sell most of its Helder Street properties.
In a statement last week, the charity said: “Croydon Almshouses recognises that this decision will have a direct impact on the tenants of Helder Street and does not underestimate the anxiety this may have caused.”
The charity will be working with estate agent Allen Heritage to move tenants out.
It will retain eight commercial properties it also owns and rents to businesses.
The organisation registered a charitable incorporated organisation (CIO) called Croydon Almshouses in September 2024.
A now removed charity called Croydon Almshouse Charities recorded a total income of £1.72m in 2024, £1.02m of which came from investments.
That financial year, its total expenditure of £1.83m exceeded its income.
Its own-use assets that year amounted to £12.7m and its long-term investments £24.5m.
