Great Places Housing Group has submitted plans to build high-quality affordable homes in the King Street West area of Stockport town centre.
The proposed £16.4m development will be located in the heart of the Stockport Mayoral Corporation Town Centre West regeneration area, which looks to form a new gateway in the town centre with 3,500 homes and more than 1m sq. ft of commercial space.
The proposals will be funded in part by Homes England and seeks to compliment other proposed developments in the area by adding high-quality affordable homes to the mix. The development will consist of 73 one- and two-bed apartments, all of which will be available through the Government-backed Rent to Buy scheme.
Rent to Buy provides customers the opportunity to save a deposit through reducing the rent to 80% of market rent for at least five years. If residents choose to then buy their home, the product is designed to ensure they have the deposit saved.
Commenting on the proposals Helen Spencer, Executive Director of Growth at Great Places, said: “We’re delighted to have submitted our proposals which complement the strategic plans to create a new residential gateway west of Stockport town centre.
“In line with the Mayoral Corporation’s aspirations to develop the western gateway into a residential location of choice, our plans consider how these homes will contribute to the long-term development of a resilient and vibrant community. A community that will benefit from all the attractions in the town centre whilst adding to the wider sustainability of the town centre.
“We are pleased to offer these new homes through rent to buy, in order to make them accessible to future buyers, providing people with the all-important chance to purchase a property in what will become an increasingly popular area.”
Subject to planning, work will start on the new site early next year.
