Torus boosts Northstone affordable housing deal by £7m
The registered provider has increased the number of affordable homes it will acquire at the housebuilder’s Wigan and Ellesmere Port developments from 106 to 163.
Torus Development and Northstone had agreed a £28m deal in March, which would have seen Torus purchase 53 affordable homes at Northstone’s Tulach development on the site of the former Pemberton Colliery in Wigan. The agreement also included funding for 53 homes at the housebuilder’s Glisk neighbourhood at Rossfield Park in Ellesmere Port.
Now that both the price tag has increased to £35m, 88 out of 268 homes at Tulach will be affordable. At Glisk, 75 of the 218 homes will have that designation.
All 163 homes will be available under affordable rent or shared ownership tenures.
Torus managing director Chris Bowen said: “As the largest provider of affordable homes in the North West, we want to continue creating more mixed tenure schemes outside of our traditional areas of Liverpool, St Helens, and Warrington so more people can benefit from an increased choice in the housing market.
“Given the housing and cost of living crises impacting us all, I’m thrilled to be part of a team that is working to create sustainable solutions to these national challenges and be leading the way in creating communities that meet multiple needs.”
Jo Allen, partnerships director at Northstone, said: “Through providing affordable housing options such as shared ownership within our housing offer, it will mean that more people will be able to call a Northstone house their home.
“It’s vital we get that mix right to get more people onto the property ladder,” she continued.
“Not only does such a mix-tenure approach respond directly to local affordable housing needs, it creates more diverse neighbourhoods and makes high-quality, super energy-efficient modern homes within reach for those looking to move.”