A partnership has been announced between Crossfield Exclusive Developments and The Regenda Group on a £9m Liverpool affordable homes project.
Redwing, part of The Regenda Group, has been selected to sell and manage the 59 affordable homes that are currently being developed on Alexandra Drive in Aigburth.
A planning application for the £9 million development was submitted by Crossfield Exclusive Developments and approved by Liverpool City Council in October 2019.
Crossfield Living, the appointed contractor is now on site building the apartments, 20 of which will be available for shared ownership and 39 will be let on a rent to buy basis.
Rent to buy allows residents to move into a home at 80% of the market rent for five years, meaning they can save a deposit and buy the property after this time.
Rent to buy offers an alternative to people unable to access home ownership or social housing, who would likely otherwise end up renting a home from a private landlord, without tenure security, and without the prospect of being able to save due to the cost of their monthly rent payments.
Martin Davies, director of development at The Regenda Group, said: “Crossfield is bringing much needed, high quality, affordable homes to Liverpool, and we are delighted to be part of this project, selling and managing 59 apartments through our property company, Redwing.”
In a separate element of the project, Crossfield Exclusive Developments is creating a further 14 apartments for the open housing market in a refurbished 19th century coach house also on Alexandra Drive, bringing the total number of new homes being developed on the site to 73.
Crossfield Exclusive Developments is a joint venture between Crossfield Group and Exclusive Investments. Both companies are led by senior management teams who are Liverpool born and educated. Crossfield Living is an arm of Crossfield Group.
The 59 affordable homes are due for completion in Autumn 2021.
“We are aware of just how vital affordable homes for sale and rent are to meeting the need for housing in the North West. Our aim at Alexandra Drive has been to develop high quality homes which are built to the highest standards. We are very pleased to be partnering with The Regenda Group so that these homes can then be made available to local people by either being sold or managed by this reputable and experienced organisation. ”