Proposal unveiled for £16m affordable housing scheme in Stockport

Manchester-based housing association, Great Places Housing Group has outlined plans for a £16.4m housing scheme that would provide 73 homes in the King Street West area of Stockport town centre.

The proposal will provide affordable homes 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 one million sq ft of commercial space.

The proposals will be funded in part by Homes England and seek to complement other proposed developments in the area by adding high quality affordable homes to the mix. The development will consist of 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.

Helen Spencer, executive director of Growth at Great Places, said: “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.