One Manchester has announced one of the first new rent to buy housing schemes in the city as part of a 64-home development on the site of a disused engineering works in Levenshulme.
Work will commence in April to provide 14 shared ownership and 50 rent to buy homes on the site of the former Atlas Engineering Works on Chapel Street, which has been derelict for several years, with Mulbury confirmed as the developer.
Housing provider One Manchester recently secured a £22.8m funding boost from the government’s Homes and Communities Agency (HCA) to build 765 affordable new homes in south and east Manchester over the next five years including homes for shared ownership and rent to buy.
Rent to buy is a new government scheme which allows people to rent a home at a discounted rate initially while they save the deposit needed to buy the home and One Manchester hopes the homes will help working people currently struggling to save the hefty deposits needed to buy a home, to get a foot on the property ladder.
The scheme will cater for singles, couples and families alike by bringing 28 two-bedroom apartments, 22 three-bedroom homes and 14 four-bedroom homes to the up and coming area.
When it launched in April 2015, One Manchester committed to building 500 new homes for Manchester in its first five years but has since raised its ambition to building more than 1000 new homes by the end of 2021, to help meet the growing demand for well-managed rental properties and affordable homes to buy across the city.
One Manchester’s group chief executive, Dave Power, said: “Manchester desperately needs more homes and we’re determined to do everything in our power to address this shortage by providing a range of homes to meet the different needs and aspirations of Manchester residents.
“That includes providing good quality, well-managed rental properties such as those we are currently building in Hulme, as well as helping working people, who can afford monthly mortgage payments but can’t raise the deposits and fees needed to secure a mortgage, to overcome these barriers by offering homes available for shared ownership or rent to buy.”
David Wroe, of Mulbury, said: “We’re proud to be working with One Manchester to bring forward this exciting development. We have a shared desire to improve neighbourhoods and create new housing opportunities. By regenerating a site that’s fallen into disrepair, these homes will have a lasting positive impact on the local area.
“The homes will be modern in appearance but will complement existing housing in the area. The apartment aspect of the scheme also offers a fitting nod to the architecture of the former Atlas Mill for which this site is so well known.”
Work will commence on site by the start of April 2017 and is due for completion in January 2019.
For more information on this or other One Manchester homes to buy or to rent, please email email@example.com.