Residential scheme in Telford receives WMCA property funding
The site on Southwater Way will bring forward 46 new homes thanks to a £460,000 investment.
Nuplace has announced it will be building more new homes in Telford and Wrekin after planning permission was granted for a new development on Southwater Way, supported by WMCA property funding, accessed via FDC.
The new site, which will be developed by Nuplace’s building partner Lovell, will be situated close to the town centre and feature 46, one, two, three and four bedroom homes for a mixture of private and affordable rent bringing the total Nuplace homes in the borough to 464.
The West Midlands Combined Authority (WMCA) has invested around £460,000 into the new scheme, via its Brownfield Land and Property Development Fund (BLPDF), targeted at regenerating brownfield sites across the West Midlands, providing much needed employment and residential accommodation.
Access to funding from the WMCA’s was provided by Frontier Development Capital Ltd (FDC), continuing to work closely with Property Developers to arrange commercial and residential property investments from the WMCA. The Investment Director on the deal was Gerald Gannaway.
The development includes a mixture of semi-detached and detached houses as well as a number of apartments. 11 of the 46 properties will be available at affordable rent levels.
Southwater Way will be a sustainable development and has been designed in accordance with the Council’s commitment to tackle climate change.
Properties within the development will have PV panels and electric car charging points, helping tenants to reduce their fuel bills and at the same time reducing the scheme’s carbon footprint.
Children from Old Park Primary School, which is close to the new site, are currently helping Nuplace to create a site name for the development which will be announced in the New Year.
Councillor David Wright, Cabinet Member for Economy, Housing, Transport & Infrastructure said: “We are delighted to be launching this sustainable development which will set a benchmark for future Nuplace schemes as well as other housing schemes within the Borough. The development will bring high quality housing choices to people wanting to be close to our excellent town centre amenities such as Southwater and Telford Town Park. .
“Nuplace is a huge success story for the Council with many of its sites becoming pre-let before properties are even completed. We are confident that these new sustainable homes will prove to be really attractive to people looking for a high quality home for rent”.
Throughout the Covid-19 pandemic the WMCA has continued to press ahead with its multi-million-pound investment programme to unlock and transform brownfield sites, provide market confidence and help drive the region’s economic recovery, delivering new jobs and homes in the process.
Southwater Way is the latest example of the WMCA’s pledge to include a minimum of 20% affordable housing on every site it invests in.
Andy Street, Mayor of the West Midlands and chair of the WMCA, said: “Before coronavirus struck, the West Midlands economy was growing fast, living standards were improving and there was a rapid expansion in house building.
“The pandemic has hit the region hard but throughout the crisis we have continued to use Government funding to not only unlock sites like this one for new homes and jobs but also give local people the skills they need to help build those properties.
“Our investment in Southwater Way is part of our wider plans to get our economy back on track and regain our previous momentum. By investing in the future, we can safeguard existing jobs, create new ones and give people the opportunity of a good quality, energy efficient and affordable home.”
Properties will be ready for tenants to move into in Winter 2021.
For more information on accessing Property Finance for residential developments in the West Midlands click here or call to speak to an Investment Director on 0345 319 4528