Plus Dane pays £22.8m for affordable Crewe housing
Watkin Jones has exchanged contracts with the housing association, which will take on 159 of 245 homes at the developer’s proposed Sydney Road scheme.
Watkin Jones, which focuses mainly on student accommodation and the build-to-rent sector, will retain 86 homes for market sale at the development, which represents its maiden venture into the affordable sector.
Plus Dane will offer 79 homes for affordable rent and 80 homes under shared ownership.
The development is located within walking distance of Crewe town centre, Sydney Road being a main road to the north east of the town. A firm timeline for delivery has not yet been established.
Alex Pease, chief investment officer at Watkin Jones, said: “There is a real and growing need for affordable housing across the country, so we are excited to have agreed our first development in this important sector.
“Working with Plus Dane as our first affordable housing client has been a brilliant experience and we look forward to continuing our relationship into the future. Our thanks go to everyone involved in the project.”
Chris McAllister, director of development at Plus Dane, said: “This development demonstrates our commitment to building quality housing in Cheshire East, in areas where it is needed most.
“We look forward to working in partnership with Watkin Jones to progress the development and build a community that residents can be proud of.”
Watkin Jones trailed the disposal in annual results reported in January. Last week, the Bangor-based developer revealed progress on two further affordable housing schemes, with projects in Preston and Wrexham contributing to an affordable homes pipeline of close to 500 homes.