Hertfordshire-based housing association, B3Living, has taken handover of the first tranche of shared ownership homes at the Cheshunt Lakeside regeneration scheme.
The local landlord reported that 50% of the 44 apartments completed have been already reserved off-plan by local first-time buyers.
In partnership with housebuilder, Inland Homes, B3Living has delivered the first affordable homes for sale on the 1,700-home development, including one-, two- and three-bedroom shared ownership apartments.
Through the shared ownership scheme, the buyer pays a mortgage for the share they own, which is usually a 50% share, and rent for the remainder but can gradually purchase more shares until they own their home outright.
Situated in an ideal location for commuters, Cheshunt Lakeside is within walking distance of the London Overground line and the popular Lee Valley Park.
John Hayden, B3 at Home Director for Development, said: “Potential buyers have a lot to contend with in the current climate, so it is encouraging to see that the appetite for shared ownership is still there.
“We are proud to deliver these homes as, not only do they offer a much-needed opportunity for local people to access the housing market, but purchasers should also see a reduction in their energy costs, thanks to the design quality.”
Apartments at Cheshunt Lakeside boast high standards for energy efficiency with B-rated EPCs, as well as access to green corridors, pocket parks and electric car charging.
Situated on the former Tesco HQ, the wider development will deliver a sustainable new mixed-use community. The regeneration is set to restore eight football pitches of green space to the area as well as provide infrastructure upgrades, business space and a new primary school.
B3Living secured 195 homes at Cheshunt Lakeside following a Land and Development Agreement deal in July 2020. The deal is separate from the Section 106 agreement for the regeneration and will significantly boost the supply of affordable housing in the borough.
The first phase of homes for affordable rent at Cheshunt Lakeside completed in July 2022 and a further 39 shared ownership homes will be delivered in early 2023.
Cheshunt is a town poised for significant growth with the wider Cheshunt Lakeside masterplan set to deliver 1,700 homes in total. Plans have also been submitted for a new £500m garden village at Brookfield Riverside.
