Orbit has completed the purchase of a vacant office building, currently known as Warwick House, from Stratford Town Trust for the development of targeted key worker accommodation in the town.
In the first days of the year, Orbit took possession of the site, which will see the development of 82 high-quality one and two bedroom apartments for private rent, with a focus on local key workers.
The housing association, with an already strong customer base in Stratford, has plans to demolish the existing office building, on the corner of Birmingham Road and Clopton Road, and transform the site into a brand new residential building. This will bring targeted key worker accommodation for the likes of health and emergency services workers and teachers in the town, as well as those working in local businesses.
The new building will provide 82 private rented homes, comprising 64 one bedroom and 18 two bedroom apartments designed to help minimise maintenance requirements, to be let on assured short-hold tenancies.
Stratford Town Trust will continue to retain the freehold, whilst Orbit will own and manage the new accommodation. A partnership between Stratford Town Trust, Orbit, ABD Developments LLP (owned by the Bird Group, the Henley Estate Company, and Deeley Properties) and Robothams architects will bring the scheme to market. Deeley Construction has been appointed as the design and build contractors.
Work has now begun on the demolition process, with the site due for completion in summer 2017.
Adam Cooper, private rented sector director at Orbit, said: “We are delighted to be working in partnership with Stratford Town Trust, ABD Developments and Deeley Construction to take this project forward, and bring much needed key worker homes to Stratford.
“This is a key development for Orbit, as it demonstrates our commitment to providing more homes across new and different tenures to meet the needs and aspirations of our customers.
“With the rising cost of homeownership pushing many out of the housing market, we have seen a huge rise in the demand for rented properties. Our new high-quality homes will offer local people a flexible housing option, in a great location.”
Helen Munro, chief executive of Stratford Town Trust, said: “This is a really ground-breaking concept and one we are so pleased to support. It is absolutely right that those working hard in our hospitals and schools can afford to live in Stratford. We are confident this development will have a positive impact throughout the town.”
David Austin, of ABD Developments, said: “There is an intrinsic need for more key worker accommodation in Stratford, to allow for the people who work in its hospitals, schools and emergency services to live in the town. I am sure this development will prove to be extremely popular.”