The Cheshire and Warrington Local Enterprise Partnership (LEP) has dipped into the £13 million Growing Places Fund for the first time.
The LEP approved the loan for an affordable property project to be completed by Square One Homes. The development firm will build 12 new houses at Warrington’s Kingfisher Square. The project’s total value stands at £722,000.
Builders in Cheshire will no doubt be looking forward to an increase in business as new tenants begin to customise their dwellings.
The news of the investment comes hot on the heels of an announcement made by Liverpool City Region LEP that it is making grants available from its skills investment scheme.
The housing project will see more affordable properties created for key workers and first-time home buyers in Warrington.
Christine Gaskell from Cheshire and Warrington LEP said that the group is delighted to see the money being used to help development opportunities to progress ahead of schedule as well as bringing stalled developments back on track.
The Fund is on the lookout for development schemes that need similar help and applications are made easier by the fact that there are no formal rounds for bidding – it remains open throughout the year.
Louise Morrissey, the Fund’s chair, said:
“This type of project is what the Growing Places fund is for, making it quicker for projects to get off the ground but also securing a return on that investment for the local area.”
The initiative will enable buyers to purchase homes outright from £69,950. Stockton Heath’s Meller Braggins will market the scheme and Whitfield and Brown will be responsible for construction.