£5million regeneration project in Belton begins
Work on a huge £5million regeneration project at Ashtree Close, Belton has now begun, much to the delight of local residents.
It includes 27 new homes in total, made up of one and two-bedroom bungalows and two and three-bedroom houses.
These will be a mixture of affordable rent, rent to buy and shared ownership, providing options for people to get on the property ladder.
The development runs over two sites. The first has now been demolished, with work underway on 16 homes where old flats were, and on old garage bases close by.
Tenants will continue living in site two, until site one homes are complete for them to move into.
This approach will limit disruption and has allowed all tenants from both sites who want to stay in the area to do so, and have a home built specially for them, to meet their needs and family makeup.
Site one will be complete in 2024, with site two then beginning. This will see remaining flats demolished and 11 additional properties built.
The designs also include landscaping of the wider estate to provide safe play for local children and to regenerate the area as well as bring new, much needed alternative housing options.
Pete Stones, Director of Property here at Ongo said: “This is a very exciting project for us, and we are delighted to see work has started on site.
“For a while now we’ve been talking to residents at Ashtree Close about how we best invest and transform the area, so it’s great that together we’re creating something special.
“I’d like to say a huge thank you to those residents for being involved. We very much look forward to working together throughout the project and seeing the huge difference the homes will make.”
Shared ownership allows for a share of a property (between 25-75%) to be bought and rent to be paid on the rest. Then, when it is affordable, larger shares can be bought until reaching full ownership.
With rent to buy tenants can rent a home at a reduced rate for five years, to give them the chance to also save up for a house deposit and buy it.
Both options have been extremely successful through us so far and in the current financial climate, and getting on the property ladder harder than ever, these homes are expected to be popular
GS Kelsey has been appointed the main contractor for this work, with handover of both sites scheduled for late 2025.
This project has been funded by us and Homes England.