Further plans to redevelop Salford have been confirmed; expanding upon a current construction deal of 900 homes for the city.
The housing initiative is a collaborative project between Countryside Properties, Gatehouse Bank and urban regeneration specialists, Sigma Capital Group.
The wider investment scheme will see the amount of proposed private rented sector (PRS) houses double in targeted areas of Salford such as Walkden.
Encouraged by the government, the emergence of more PRS properties is taking place across the country. According to Chief Executive of Sigma, the Salford expansion plan is just one component in their “wider objective to create a £1bn portfolio of rental homes across the UK over the next four years”.
So far, 347 properties have been completed in the £114m agreement, which will provide a mix of residential, commercial and leisure-based builds to enhance the quality and variety of life in the area.
The partnership has promised to focus the next phase of the project on mixed-tenure contracts: a combination of three and four bed properties. In doing this, the ultimate aim is to discourage social segregation by creating a healthy mixed profile community.
Affordable housing targets have repeatedly been missed by successive governments, who have disagreed on whether social housing or private accommodation is the right approach. Now, the Conservatives insist they have a solution, David Cameron declaring the joint venture: “brilliant news for the North West and for Britain, showing that we are open for business”.
Although this form of housing provision may indeed support business, concerns have been raised that such aggressive privatisation of the housing market could bypass the requirements of first time buyers and the poorer in society.
TNT Business James Skipper