HCA funding unlocks Pimhole redevelopment

The transformation of the area in Bury is back on track with confirmation that more than 100 new homes are to be built in the area.

The housing development is a major part of the regeneration plans for the area and had been on hold since January 2009 due to the economic downturn.

The scheme has been unlocked by £988,000 investment from the Homes & Communities Agency.

Bury Council has now secured terms with Prospect GB, who have taken over the former proposals of Lowry Homes for this site.

The HCA said the development will offer a much improved choice and quality of housing, as well as wider regeneration benefits. It will boast a mix of two, three, four and five bed properties, along with off-street parking and gardens.

The development will also include an equity loan scheme for 27 affordable homes where potential residents will be offered equity loans of up to 30% of the purchase price of the property.

Work on the scheme is expected to start in February 2011, with properties built in phases over the next three years.

Cllr Michael Hankey, cabinet member for health and well-being at Bury Council, said: "A lot of improvement work has already taken place in the area, but this is the cornerstone development which I am sure will be warmly welcomed by the community.

"I would also thank the Pimhole Renewal Action Group, whose members have played a very important role in the renewal of their area."

Established in 2000, Prospect is a commercial arm of Liverpool-based Riverside Group, one of the UK's leading social housing and regeneration organisations.

Neil Waddington, managing director of Prospect, said: "We are targeting an early 2011 site start when both on-site build and sales will commence. This is a very exciting opportunity and the first for Prospect within Bury."

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