Housebuilder Lovell starts work on 88 affordable homes in Liverpool for affordable housing provider Cobalt in a multi-million pound project. Tony McDonough reports
Housebuilder Lovell Partnerships has started work on a multi-million pound project to build 88 new affordable homes on the outskirts of Liverpool.
Working with housing provider Cobalt Housing, Lovell will deliver 88 two, three and four-bed homes for affordable rent, rent to buy and shared ownership at Stonedale Crescent in Croxteth.
Affordable refers to rent or sale price that is no more than 80% of local market rate. Under shared ownership you buy a share of between 10% and 75% of the value and pay rent to a landlord on the remaining share.
Under Rent to Buy you rent a newly built home at approximately 20% below the market rate for up to five years. During that time period, you have the option to buy the property or to buy part of the property under shared ownership.
Lovell has completed the full design and planning work on the scheme, with grant funding secured through the Homes England Affordable Homes Programme and Liverpool City Region Combined Authority’s Brownfield Land Fund.
Tahreen Shad, regional partnerships director at Lovell, said: “Our regeneration expertise and local knowledge has enabled us to successfully guide Cobalt Housing through its first steps into a mixed tenure energy efficient scheme.
“We have been working very closely with its team for the past two years, successfully steering them through the design and planning processes.
“Liverpool is an important location to us, and we’re very proud to be investing in and delivering a number of schemes across the city, demonstrating our long-term commitment to Merseyside.
“As we begin our work on the Croxteth site we will also be getting further embedded in the local community through our social value programme, as well as employing and training young people through our apprenticeship scheme.”
Cobalt Housing is a registered housing association that manages and maintains more than 6,000 affordable homes across North Liverpool.
Claire Griffiths, chief executive of Cobalt, added: “This signals the continuation of our £300m investment in our neighbourhoods over the next 10 years, in existing and new homes for rent and sale.
“This development will be a catalyst for increased confidence and aspiration in the Stonebridge area of Liverpool.”