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Gloucestershire Business News

£100 million housing deal signed

Formal signing of a housing investment plan will see £100m invested in new homes in Gloucestershire - and land it being actively sought to make that happen.

It is understood the deal will allow the money to be made available to provide as hundreds of new affordable homes and homes for the private rent over the next four year.

Cheltenham Borough Council (CBC) and Cheltenham Borough Homes (CBH) are the two parties involved in what they care calling their "hugely ambitious" scheme- the signing of the agreement a "landmark".

Councillor Peter Jeffries, deputy leader and cabinet member for housing at Cheltenham Borough Council, said: "This is fantastic news as there's considerable demand for high quality homes in Cheltenham. The £100m is a major investment in Cheltenham's future.

"Our new agreement for this hugely ambitious project with Cheltenham Borough Homes will enable us to work together to provide 500 homes in the next four years.''

Jason Langley, chair of Cheltenham Borough Homes' board, said: "This ushers in an exciting new era for CBC and CBH, enabling us to accelerate our new supply programme and provide even more high quality homes for Cheltenham.

"The agreement reaffirms our excellent working relationship with Cheltenham Borough Council and we will continue to work closely with them to identify and take advantage of opportunities, working innovatively to achieve our ambitious aim to deliver more than 500 homes for Cheltenham by 2023."

According to the partnership private rented homes will benefit from more secure tenancies, and these new tenants will benefit from the high-quality services that CBH provide.

The recently signed agreement means that CBH will be looking to acquire its first private rented homes early in 2020.

Work has been ongoing over the last 12 months delivering affordable homes at two development schemes that are progressing well.

The development at Monkscroft Villas is providing 27 new homes and on the former site of Holy Name Hall on Pennine Road a further eight homes are being built. Additional land for future building is being actively sought.

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