Shared ownership homes launched at city centre housing development

Housing association, L&Q is to launch its first phase of shared ownership homes at Manchester’s Victoria Riverside this month.

L&Q says it offers premium living in Manchester city centre for just a fraction of the cost.

The site is a collection of one- and two-bedroom shared ownership apartments within the City View Tower, located just a short walk from the vibrant city centre, Manchester Victoria station, Angel Meadows Park and a new park in the making, City River Park, eventually spanning more than 113 acres along the River Irk.

Making these properties ideal for first-time buyers or those looking for the ultimate inner-city lifestyle, the new homes are available with deposits from just £8,663 – 57% less than the local average.

Through Shared Ownership, buyers can purchase a share of their new home, starting from 35%, paying a mortgage on the part they own and monthly rent on the portion of the home they don’t.

A deposit is only required on the share being bought, making it a more affordable route for many looking to step onto the ladder.

As and when shared owners can afford to do so, they can purchase more shares through a process called ‘staircasing’, eventually owning 100% of their home.

Claire Brenlund, Sales & Marketing Director at L&Q said: “This is L&Q’s first major launch in Manchester city centre, and we’re incredibly excited to bring such a large number of shared ownership properties to this buzzing new neighbourhood.

“With a huge amount of amenities, including shops, restaurants, cafes and nightlife just a stone’s throw away, alongside great transport links and access to green space, L&Q at Victoria Riverside is set to take the city by storm.”

The development also features access to amenities including a state-of-the-art gym, a communal workspace, a concierge service and podium gardens. 

The 18-storey building housing 128 shared ownership homes is in the up-and-coming Red Bank neighbourhood, forming the first phase of Victoria North.

Victoria North is the North of England’s biggest urban regeneration project, with new schools, healthcare facilities and transport links set to transform the 155-hectare site.

Developed by FEC and Manchester City Council, over the next 15 years the £4bn Victoria North project will comprise more than 15,000 new homes spanning seven new and existing neighbourhoods. 

Cllr Gavin White, Manchester City Council’s executive member for housing and development, said: “Victoria North will deliver thousands of new homes in the coming years across seven exciting new and emerging neighbourhoods.

“Important to their success will be creating a range of housing options for our residents to create sustainable, diverse communities.

“This means making sure there are affordable homes of different tenures and price points to make sure as many Manchester people can access the new housing as possible.”

He added: “We welcome this investment into shared ownership homes, which not only offers more affordable housing in the short term, but also a real route onto the property ladder.” 

Strong public transport links nearby include Shudehill tram stop and Hanover Street bus stop, both a 10-minute walk away – allowing residents to travel across the city with ease.

For those travelling across the country, Victoria Train Station is just a 10-minute walk away, with frequent trains to Manchester Airport, Chester and Liverpool, to name a few.