The planning application caught the attention of council leaders, who saw this scheme as the perfect way to kick start more regeneration in the area, and we were approached by Middlesbrough Council to see if we could work in partnership. A deal was reached whereby BICD became the project delivery team working alongside Middlesbrough Development Company (MDC) who became the main client. Middlesbrough Council funded MDC and a contractor was engaged to deliver the homes. The site is under construction currently with final handovers expected in August 2022. MBC will receive income from the interest payable on the loan, see its funding back at completion and see a marked improvement in the area, receiving council tax in the future, and both MDC and BICD should make a commercial return.
Homes England promote a ‘Rent to Buy’ grant, which allows RSLs to let to working people, and Beyond Housing agreed to buy 30 apartments on this basis – again only letting to economically active resident, who have a right (not an obligation) to purchase in time. Karbon, too, came forward to buy the remaining 9 apartments – making the whole scheme of 61 homes all pre sold well before completion.
The prices achieved, we believe, are the highest achieved in the area and will act as a marker for future valuations, raising property and land values alike.