The first flats in a new £25 million development in Kelham Island are set to be officially unveiled by the Chairman of Homes England, Sir Edward Lister, on Tuesday 20th March.
The flats are part of the Dun Works development which will bring 225 new homes to Kelham Island over the next 12 months.
Dun Works is a partnership between South Yorkshire Housing Association and Cheyne Capital Management’s Social Property Impact Fund and is the first deal of its kind nationally for a housing association.
As part of the deal, more than a third of the flats at Dun Works will be available to rent at sub-market level to people earning less than £25,000 a year, making living in Kelham Island an option for people who otherwise wouldn’t have been able to afford it.
This partnership will provide an ethical private rent model for other developments across the Sheffield City Region.
Miranda Plowden, Business Development Director at South Yorkshire Housing Association, said: “We can’t wait to welcome our first tenants to Dun Works. We know that the cost of renting privately in Sheffield is spiralling out of control, and we hope that Dun Works can offer an alternative.
“As a housing association our main aim is to provide as many homes as we can in Sheffield City Region. Working with Cheyne has helped us to play a part in building the new homes we desperately need in the area. We hope this is the start of a long partnership with them.”
Shamez Alibhai, Portfolio Manager of the Cheyne Social Property Impact Fund, said: “This project is extremely exciting as it demonstrates that private capital working alongside a housing association can deliver high quality, affordable homes without the need for grant or subsidy.
“Our success in Kelham Island demonstrates how effective this kind of partnership can be in addressing the UK’s severe housing shortage. We are replicating this model across the UK to meet the need for more inclusive, affordable housing.”
All of the properties at Dun Works will be available to rent through Crucible Sales and Lettings. To find out more about the properties visit www.dunworks.co.uk or call 0114 2413430.
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