A key priority set by our Board is for us to build 600 new affordable rented homes by 2024 as well as invest in our existing properties.
We are excited to announce that Community Gateway has raised £95 million in its first private investment to enable us to achieve this. This cash injection will enable us to build more new homes, invest in our existing homes as well as use some of the funds to repay existing loans and benefit from lower interest rates. This stronger financial position will ensure we deliver greater value for money to our customers.
Craig Garner, Executive Director of Resources said:
“This is a significant milestone for us. We are delighted to have secured this investment, which will enable us to drive forward our ambitious development programme to build a range of high-quality, modern homes that meet the needs of residents as well as continue to look after the homes we already own.”
Along with the projects listed below, we are also developing our offer to meet the needs of our increasingly ageing population and re-balancing our existing sheltered housing portfolio. We plan to build our first-ever shared ownership properties to broaden our offer with different types of tenancies. All CGA homes are designed and built to exceptionally high standards with high quality fixtures, increased room sizes and space, the best use of natural light wherever possible, and all new homes are built to be environmentally sustainable.
Our next major development will see around 90 new homes built on a site at Lightfoot Lane, working with West Church Homes in Fulwood, offering affordable rented and shared ownership homes. We are also nearing completion on our first independent living scheme ‘The Courtyards’ based at Ingol.
Further schemes in the pipeline
Tom Benson Way
A site accommodating 35 new family homes adjacent to Lancaster Canal.
Ribbleton Hall Hospital
This site is owned by Homes England and we are in talks with a partner to develop the site.
Savick Shops Regeneration
This development will see a major reinvestment into one of our existing communities, through the transformation of the entrance to the Savick estate. Demolition of existing shops and maisonettes will make way for new family homes, a new library and general convenience store, as steered by the Savick community.
We have also applied for planning permission to build 13 further homes on unused open space where Ainsdale House care home once stood.
This will be our largest new development scheme, providing both family homes and accommodation for older people. We hope to start work on this scheme in 2021.
Small Development Sites
We are also making the most of unused land and former garage sites by building 33 homes across 15 sites primarily in Ashton, Ingol and Brookfield.