£10m deal sealed for affordable housing at £106m Birmingham scheme

A £10m deal to acquire 44 apartments and family houses at the £106m Belgrave Village scheme in central Birmingham for affordable housing has been completed.

Wavensmere Homes agreed the deal with national shared ownership provider Heylo.

Forty-four of the 438 eco-efficient houses and apartments being constructed on the 12-acre regeneration site will be available to first time buyers and other eligible buyers on a shared ownership basis, which enables qualifying purchasers to access the housing ladder with a smaller deposit.

The Belgrave Village site was previously Joseph Chamberlain Sixth Form College and Birmingham Sports Centre, but had lain derelict for 20 years.

James Dickens, managing director at Edgbaston-headquartered Wavensmere Homes, said: “We are thrilled to announce Heylo as the affordable housing provider, which will add a new dimension to what is already a highly popular landmark development. Belgrave Village is set apart from other schemes in central Birmingham because of its attainable pricing strategy, which is already enabling first time buyers to secure their first home. By working with Heylo, 10% of the homes here will now be prioritised to those who would otherwise not be able to access the property ladder.”

The 44 shared ownership homes are split across each phase of the development, which is scheduled for completion in spring 2025. A proportion of Heylo’s 11 two, three and four-bedroom houses and 23 one and two-bedroom apartments are available for occupation.

David Duignan, partnerships director (South) at Heylo Housing, said: “Being able to offer Belgrave Village houses and apartments for sale via our Home Reach shared ownership scheme will create a big boost to our Birmingham offering. With the cost of renting so high, this will enable hard working people to move into a brand-new energy-efficient home of their own with deposits from 5% of the share value.

“The overall cost of shared ownership is significantly lower than renting, the process of staircasing is straightforward, and the deposit requirements are low. We are looking forward to seeing the first Belgrave Village shared ownership homes occupied within the coming weeks.”

Wavensmere Homes is delivering Belgrave Village in partnership with Galliard Homes and Apsley House Capital.