The trust has unveiled Laurus Homes, a new wholly owned subsidiary with the target of building 100 homes for outright sale each year.
Focussing on high quality residential developments and mixed-use schemes, the trust said Laurus Homes will deliver profits back into the trust through developments in the borough.
The new venture’s first development will contain nine family homes at Atkinson Road in Sale and has already sold out off-plan.
Work is also well underway on the second development, also in Sale, on the site of an old pub at the junction of Cross Street and the A56 Washway Road. Phase one of the development, due to be completed this October, will consist of five three bedroom, detached family homes with prices starting from £299,000. Phase two, due to complete in early 2016, will feature 10,000 sq ft of premium retail space plus 34 one and two bedroom luxury apartments.
Larry Gold, director of the new business and Trafford Housing Trust’s chief finance officer, said: “The Trust has an unrivalled knowledge of the Trafford area, its housing market and local needs and we have already successfully delivered a range of new build projects across the borough.
“There is also a very high demand for quality, premium property in the area, both residential and commercial, and we have chosen to help meet that demand by establishing a business focussed purely on homes for outright sale, with all profits going back to the Trust.”
Matthew Gardiner, chief executive of Trafford Housing Trust, said: “As a housing provider we recognise the aspirations that Trafford’s residents have for an affordable home that they can own. That’s why Laurus Homes has been created and to extend our reach to help people who require a different solution to that provided by social housing.
“We also have to accept that new economic challenges and changing government policies mean we have to create new revenue streams to support our core activities, including the provision of more social housing.
“Laurus Homes is therefore just one of a number of profit-for-purpose vehicles we are developing to help us fulfil our core social and community responsibilities.”
Other projects in the pipeline include developments in Timperley, Altrincham, Stretford, Sale and Old Trafford. THT owns and manages 9,000 properties.