A £4.5m contract to remodel 100 empty “two-up two-down” homes in Accrington that once housed cotton mill workers into 71 energy efficient contemporary rental properties is to be tendered next week.
The homes in the Woodnook area had been earmarked for demolition under the Housing Market Renewal Pathfinder scheme, and have been standing empty since the programme was abandoned by the coalition government in 2010.
But now empty homes developer Place First aims to create two-, three- and four-bed rental properties attractive to young working adults who cannot afford to buy but don’t qualify for social rented homes. Local contractor Forrest is already on site with enabling works on the £6m regeneration project.
“We currently have a pipeline of 500 units and our aim is 1,000 in the next few years, so we need to make sure the portfolio we’re creating is attractive to that market,” said Martin Ellerby, associate director.
The pipeline includes further terraced properties in Lancashire, and the conversion of former guest houses.
Place First was established in 2009 and secured investment from CT Investment Partners, the investment arm of the Carbon Trust. CT Investment Partners is now called 350 Investment Partners, following a management buy-out.
Place First plans two-, three- and four-bed properties
The scheme is thought to be the first example of rejuvenating the traditional two-up, two-down terrace since Urban Splash completed Salford’s Chimney Pot Park in 2008. Homes there were turned “upside down” with open-plan living on the first floor and bedrooms on the ground floor.
Ellerby said: “We’re taking a more pragmatic approach – we’re not for the hipsters, we’re focused on creating places you can live with. And we’re focused on energy efficiency to lower energy bills for our tenants.”
Funding for the development includes £2.7m from the HCA’s Get Britain Building scheme, equity from Place First and Twin Valley Housing and bank lending.
Place First’s Woodnook development in Accrington is due to feature on the BBC programme Britain’s Empty Homes on 18 October. It’s estimated that one in 20 homes in Lancashire are standing empty.
