A North West housing association has launched a new company to develop homes intended for outright sale or shared ownership.
First Choice Homes Oldham (FCHO) says that Fabric Living Ltd forms part of its ambition to invest £150 million to build 1,000 new homes by 2024.
The first schemes to get underway through the new arm will see the development of more than 32 new homes for shared ownership across three sites.
The organization says that any profit made on the new homes will be invested back into social housing in Oldham.
Sites include Pavilion Green, a suburban development in Royton, where properties have gone on sale from today. The development will consist of 10 three-bedroom homes available through shared ownership.
Two more developments are planned in the Bardsley and Sholver areas of Oldham which will bring forward a further 22 homes under the Fabric Living brand.
“Unveiling our first Fabric Living development is a big milestone for First Choice Homes Oldham and a significant step forward in achieving our ambitions of increasing the provision of much needed new homes in Oldham,” said Dave Woods, the organisation’s homes and investment director.
“Fabric Living has come about due to the strong partnerships we are forging with Oldham Council, Homes England and local contractors who will all help to make these new homes a reality.
“We are pleased to be able to offer these new homes through shared ownership, enabling more people to get onto the property ladder and we are determined that Fabric Living will help to improve the area for people now and into the future.”
The first Fabric Living homes will be available to reserve from February 15 and are expected to cost from £55,300 for a 35% share under the shared ownership scheme. Larger shares of up to 75% can also be purchased.