Meridian Home Start is the development company of Greenwich Council. The local authority is beginning to take on its own residential scheme with them, freeing up three initial sites for redevelopment. The space will be used to create affordable housing units for rent.
The project could be just the tip of the iceberg in terms of the local authority creating investment properties in Greenwich. If the first sites progress well three would be made available. This would push the total number of homes created over 200. Even more land could be freed up after that.
The first three sites couldn’t be more different. One is a 38,000 square foot former social club in Eltham. The second is in Charlton and was formerly a nursery before closure. The final site is in Kidbrook and used to be an industrial site. All three will be transformed to make new homes for affordable rent.
The development company was set up by Greenwich Council in 2010. This will be its first venture and could lead to many more in the near future. A £27.6 million loan will be provided to facilitate development at the sites.
The new homes will be a great addition to the numerous regeneration projects currently underway in the Borough. Investment properties in Greenwich have increased in popularity over recent years due to the fantastic location and wealth of amenities on offer. As a result there is lots of work underway to create new properties. The local Council is behind or involved in many of them.
At Finefair we work with clients targeting investment properties of all shapes and sizes. Our team are highly experienced and can offer fantastic insights into the market and opportunities that are available. In addition we can offer a myriad of services such as council leasing and guaranteed rent to help get the best returns for assets made available for rental.
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