BRIGHTWELLS developer Crest Nicholson has confirmed Metropolitan Thames Valley (MTVH) as its affordable housing partner for the East Street redevelopment.
The delivery of 72 shared-ownership homes means 30 per cent of the 239 properties provided at Brightwells Yard will be affordable housing.
Crest said the shared ownership option will provide “younger, first-time buyers with the opportunity to buy locally”, while the balance of the 239 homes will be delivered for sale on the open market.
The developer had initially proposed much-needed social rented homes but was allowed by Waverley Borough Council to replace these with a provision of more lucrative shared ownership properties in 2016.
Construction work on Brightwells Yard is now under way, with the first residents expected to move in from 2021.
Chatinder Bal, director of residential development at MTVH, one of the UK’s largest housing associations, said: “Having worked closely with Crest Nicholson and Waverley Borough Council for several years, we are extremely pleased to be delivering 72 much-needed affordable homes for shared ownership. We believe these will provide a great opportunity for those otherwise locked out of home ownership access to a home of their own, on this exciting new development.”
Tim Jones, development director at Crest Nicholson, added: “We are extremely pleased to have appointed MTVH as the affordable-housing provider for Brightwells Yard and look forward to working with them to deliver affordable housing in this exciting development.
“This agreement will provide local people with high-quality homes they can afford and encourage the growth of stronger communities.”
Julia Potts, Waverley council leader, said: “I’m really pleased Brightwells Yard will provide the borough’s younger generations, and those looking to get on the property ladder for the first time, the chance to stay in Waverley and live near their friends and families – alongside the fabulous facilities that Brightwells Yard is set to bring.
"The development really will bring a new lease of life to the area and create a fantastic hub for people of all ages.”