Business & Economy
Huge portfolio expansion for North East social housing provider
December 12, 2018
A North East social housing provider is set to expand its portfolio by 50 per cent with the delivery of its largest scheme to date.
Hellens Residential has taken on 50 properties on the new Jubilee Gardens housing estate in Stockton, the first phase of which was officially opened by Cllr Nigel Cooke, Cabinet Member for Regeneration and Housing on December 3rd.
These new homes, on the Norton Road estate, make up almost 20 per cent of the Barratt Homes development, and will be offered on a Rent to Buy basis to customers who find themselves priced out of the housing market.
Under Rent to Buy, a Government scheme, tenants take a subsidised rental lease that gives them time to save up for the purchase of their home. When their lease comes to an end, they then have the option to buy the property outright, end their tenancy, or continue to rent their home.
Jubilee Gardens, which is made up of a range of two, three, and four-bedroom timber framed houses in a range of designs, will take Hellens’ affordable homes portfolio to more than 150 properties across the region. With 19 properties already complete, the company expects to offer the remainder of the Jubilee Gardens homes to tenants by June 2019.
With a location close to both the A19 and the A66, those wishing to join the Jubilee Gardens community can choose between terraced, semi-detached and detached properties, all designed for modern family living, with open plan features and plenty of access to outdoor space.
Kate Hellens, managing director of Hellens Residential, which is based in Washington, said: “Having just celebrated our fifth birthday, I’m thrilled to be announcing such a significant expansion of our affordable homes portfolio.
“This scheme means that local people who may otherwise be unable to get on the property ladder have access to high quality properties in a place in which they want to live, giving them the opportunity to build a real, long-term home for themselves and their families, but at a manageable price.”
Hellens received grant funding from Homes England to help them deliver the scheme.
Helen Fielding, senior specialist – Home Ownership and Supply of Homes England said: “‘At Homes England we are tasked by Government to help the market deliver a home for everyone, so we are particularly happy to be able to support Hellens Residential and Barratt Homes deliver this opportunity for people to first rent, and then buy their own homes at Jubilee Gardens. We look forward to seeing the completion of the properties, and welcoming the prospective homeowners to their new homes”
As well as Jubilee Gardens, Hellens Residential is this month due to offer to market five further Rent to Buy homes in nearby Carlton, Stockton. The two-bedroom houses and bungalows are the last affordable homes available in the development after phase one successfully completed last year. In addition, following completion in July, Hellens Residential has 12 homes available for affordable rent in Wynyard.
For further information about any of the homes Hellens Residential has to offer, visit hellensresidential.co.uk.