Hundreds of new homes for Southampton
The Homes and Communities agency (HCA) has announced the allocation of funding for the delivery of hundreds of new rental properties in Southampton.
Delivered as part of the government's recently launched £1 billion Build to Rent scheme, the project will benefit from considerable funding for the construction of up to 1,600 new rented homes at Centenary Quay.
In addition, it will see the building of a range of amenities for the local populace, including shops, cafes and a new supermarket.
The project will transform the former Vosper Thorneycroft marine works and is set to cost £500 million in total. All construction work at the site is being carried out by developer Crest Nicholson, although once completed the new homes are to be sold to landlord the A2 Dominion Group for future leasing.
An initial £7.5 million has been delivered for the scheme from Build to Rent, which will be used to create the first 230 homes at the site over the coming months - 103 of which will be made available at reduced rates for tenants as part of efforts to deliver more affordable homes in the area.
HCA chief executive Andy Rose said: "Centenary Quay is an extremely important and exciting project.
"We have already seen success in the first phase of the project and the next phase will see hundreds more houses being built, transforming a former redundant shipyard into somewhere people want to live and work."
Housing minister Mark Prisk added the government remains committed to boosting the private rented sector across the UK and this investment in Centenary Quay will do just that in the Southampton area.
In addition to the money provided by Build to Rent, the scheme is also set to receive a further £2 million direct from government coffers, as well as £1.96 million from the Get Britain Building fund.
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