UK: Rental Operator Get Living has reported a £153.2 million loss for the year ending 31 December 2024, driven by £411 million in fire safety remediation costs at the Olympic Park in Stratford, East London.
The loss follows a larger £385.2 million loss in the previous financial year. The remediation provision relates to works required to address building safety defects at the East Village, which now comprises more than 3,800 homes across 66 blocks. Over a third of the homes are affordable housing.
Chief executive Rick de Blaby said: “The extent of the works required to remediate the building safety defects at East Village, delivered by government-appointed contractors, requires us to make an appropriate provision of £411.1 million.”
“As we pursue those contractors, we expect that provision to reduce significantly in future years. The consequence of the fire safety provision is a year-end net loss of £153.2 million.”
The landlord is also facing an order to pay £18 million relating to cladding costs at the East Village, a decision it has appealed. Separately, Get Living is in dispute with Triathlon Homes, a partnership between First Base, Southern, and L&Q, over responsibility for fire safety costs on part of the scheme.
Despite the provision, Get Living reported growth across its operational portfolio. Rental income increased by 6.2 per cent year-on-year to £113.5 million, while its portfolio grew by 16.6 per cent to 4,567 homes.
The East Village, originally developed for the 2012 Olympics and repurposed into residential housing, remains a key part of Get Living’s build-to-rent strategy.
The financial impact of remediation costs at the site continues to shape the company’s results as the industry navigates post-Grenfell building safety requirements.
Highlights:
– Get Living has reported a loss of £153.2 million for the year ending 31 December 2024.
– The landlord has allocated £411 million to cover fire safety remediation costs at the former Olympic athletes village in Stratford.
– The provision for remediation works has driven the reported loss, following a larger loss of £385.2 million in the previous year.
– The company has faced an order to pay £18 million for cladding costs at the East Village, which it has appealed.
