Rundown factory will become 64 affordable homes
PIONEERING RENT-TO-BUY SCHEME FOR FORMER ENGINEERING WORKS
A DILAPIDATED site in Levenshulme is set to be transformed by dozens of new affordable homes.
The 64-property development is planned for the site of the former Atlas Engineering Works on Chapel Street.
The scheme will be one of the first new rent-to-buy schemes in the city, allowing people to rent a home at a discounted rate while they save the deposit to buy the property.
Work to create 14 shared ownership and 50 rent-to-buy homes will begin in April and is due to finish by January 2019. It is being developed by Mulbury and housing provider One Manchester.
It is hoped the new government scheme will help working people who are struggling to save hefty deposits to get a foot on the property ladder.
The scheme will cater for single people, couples and families by bringing 28 two-bedroom apartments, 22 three-bedroom homes and 14 four-bedroom homes to the area.
One Manchester recently secured a £22.8m funding boost from the government to build 765 affordable new homes in south and east Manchester over the next five years.
Group chief executive Dave Power said the housing provider hopes to build more than 1,000 new homes by the end of 2021.
He 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, added: “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.”