Executive living made affordable at new Cannock development

First-time buyers in Cannock are being given a chance to live the high life at a stylish new residential development designed specifically for local people struggling to get onto the property ladder.

Work on the 29-apartment Riverside Court development, in Girton Road, is well underway and this weekend the show flat will be opened by South Staffordshire Housing Association, giving a first look at the high-quality flats.

Because the apartments are being offered for shared ownership, they will be within reach of many younger people in the area who might not otherwise be able to buy their own home.

The average priced two-bedroom apartment at Riverside Court would be affordable to single incomes of around £21,000 and joint incomes of around £26,000. Buyers purchase a portion of a property, paying rent on the outstanding amount, which they can then buy at a later date.

Some of the units will be within reach of individuals on lower incomes than this.

“The high-quality, aspirational homes that we are offering at Riverside Court would normally be over budget for many people if we were offering them for outright sale on the open market,” said Ursula Bennion, director of business development at South Staffordshire Housing Association.

“The specification, design and finish are all of a very high standard. If these homes were for open sale, they would be snapped up, but not necessarily by local people looking to stay in the area where they grew up.

“By offering the flats for shared ownership, they are within the reach of many more young individuals and couples looking to get a foot on the property ladder but who have been struggling to find anything they can afford.

“It is making luxury living affordable for more people in Cannock.”

South Staffordshire Housing Association has been supported by Cannock Chase Council in its bid for resources to fund the development. Both organisations have worked closely to ensure the apartments are targeted and affordable to local people.

The scheme is costing a total of £3.9 million, with £980,000 funded by the Housing Corporation.
 
Of the 29 apartments, 28 are two-bedroom with a single one-bedroom unit.  Alongside a desirable penthouse, other features at Riverside Court not always associated with affordable housing include a property with a dressing room, en-suites, top-of-the-range kitchens with stainless steel integrated oven, hob and extractor hood, Porcelanosa tiling, aluminium over-bath showers with thermostatic mixing valve and glass shower screens, external audio door entry system, secure off-road parking, and a communal decked sitting area.
 
The scheme is due for completion in April 2007.

Ends

Press release issued: February 14 2007