Post by Historic Docks on Apr 7, 2009 23:30:12 GMT
news.scotsman.com/scotland/Housing-groups-swoop-to-buy.5105893.jp
Housing groups swoop to buy vacant sites for cheap homes
Published Date: 25 March 2009
By MICHAEL BLACKLEY and ANDREW PICKEN
MILLIONS of pounds worth of vacant land and unsold homes are to be turned into affordable housing following a series of major new deals.
Housing associations are swooping to buy up new homes for discounted prices because private housing firms cannot find buyers.
They are also increasingly snapping up mothballed sites where developers are no longer willing to carry through approved plans.
A major gap site at Granton Harbour has been bought by the Port of Leith Housing Association (POLHA) after owner Barratt Homes decided not to take forward its consent for 131 flats.
Across the city, Dunedin Canmore Housing Association has bought more than 20 flats for £3.5 million at developments by Barratt at Slateford and Pilrig.
The city council is also to spend up to £2.4m buying up 19 recently completed homes from its Craigmillar regeneration firm PARC.
Andrew Field, deputy chief executive of the Scottish Federation of Housing Associations, said: "The current economic climate is proving challenging for housing associations attempting to secure funding. However, it is also presenting opportunities.
"For years, housing associations have been priced out of the market by private developers when it came to purchasing land.
"With the downturn in private sector construction, developers are now keen to sell sites they no longer require and land is becoming available at more realistic prices. The same applies to properties constructed for the private market."
At Granton Harbour, POLHA has bought the 1.92 acre Barratt site, next to Gregor Shore's Anchor development, for an undisclosed fee.
It is now hoping to work with Dunedin Canmore, which owns a neighbouring empty site that is already earmarked for affordable housing, to create more than 200 homes available under social rent, equity share or mid-market rent.
Gordon Cameron, development director at POLHA, said: "We think there is demand for a mix of homes. Some areas do have huge demand for single housing or small units, but sometimes the demand is for family housing."
Ben Brough, a senior associate at Rettie & Co, the property firm that acted for Barratt in the sale of the flats within West One, off Slateford Road, and Pilrig's Broughton Court, said: "It is fair to say that the affordable housing market is picking up a lot of new-build stock across numerous developments in the city."
The 19 homes that the council is to buy from PARC are to be advertised at below market rent or sold to people struggling to get a mortgage.
Councillor Norman Work, vice-convener of the city's housing committee, said: "This homes purchase is part of a wider strategy to meet the chronic shortage of housing in the city."
Housing groups swoop to buy vacant sites for cheap homes
Published Date: 25 March 2009
By MICHAEL BLACKLEY and ANDREW PICKEN
MILLIONS of pounds worth of vacant land and unsold homes are to be turned into affordable housing following a series of major new deals.
Housing associations are swooping to buy up new homes for discounted prices because private housing firms cannot find buyers.
They are also increasingly snapping up mothballed sites where developers are no longer willing to carry through approved plans.
A major gap site at Granton Harbour has been bought by the Port of Leith Housing Association (POLHA) after owner Barratt Homes decided not to take forward its consent for 131 flats.
Across the city, Dunedin Canmore Housing Association has bought more than 20 flats for £3.5 million at developments by Barratt at Slateford and Pilrig.
The city council is also to spend up to £2.4m buying up 19 recently completed homes from its Craigmillar regeneration firm PARC.
Andrew Field, deputy chief executive of the Scottish Federation of Housing Associations, said: "The current economic climate is proving challenging for housing associations attempting to secure funding. However, it is also presenting opportunities.
"For years, housing associations have been priced out of the market by private developers when it came to purchasing land.
"With the downturn in private sector construction, developers are now keen to sell sites they no longer require and land is becoming available at more realistic prices. The same applies to properties constructed for the private market."
At Granton Harbour, POLHA has bought the 1.92 acre Barratt site, next to Gregor Shore's Anchor development, for an undisclosed fee.
It is now hoping to work with Dunedin Canmore, which owns a neighbouring empty site that is already earmarked for affordable housing, to create more than 200 homes available under social rent, equity share or mid-market rent.
Gordon Cameron, development director at POLHA, said: "We think there is demand for a mix of homes. Some areas do have huge demand for single housing or small units, but sometimes the demand is for family housing."
Ben Brough, a senior associate at Rettie & Co, the property firm that acted for Barratt in the sale of the flats within West One, off Slateford Road, and Pilrig's Broughton Court, said: "It is fair to say that the affordable housing market is picking up a lot of new-build stock across numerous developments in the city."
The 19 homes that the council is to buy from PARC are to be advertised at below market rent or sold to people struggling to get a mortgage.
Councillor Norman Work, vice-convener of the city's housing committee, said: "This homes purchase is part of a wider strategy to meet the chronic shortage of housing in the city."