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Clarion is upping its investment in shared ownership with plans for a major new development in Manchester exclusively for the tenure.
The 125,000-home landlord has struck a deal with H20 Urban, which is jointly owned by the Canal & River Trust and developer Bloc, for the 11-storey, 66-unit scheme in Manchester’s Piccadilly Basin regeneration area.
The 0.27-acre derelict site, between Store Street and the city’s Ashton Canal, will include 46 two-bedroom flats, 17 one-bed apartments and three two-bedroom townhouses – all marketed as shared ownership.
The tenure was a bright spot for Clarion when it reported half-year results last month. Despite group surplus falling by 20%, the G15 landlord revealed its turnover from shared ownership rose 14% to £32m.
The new scheme, being designed by Manchester-based architects AHR, will be 11 storeys at its tallest point and reduce to four facing the canal. According to a website for the project, the site has been derelict since the late 1980s and prior to that was home to “several low-quality industrial buildings”.
The plans also include 66 secure cycle storage spaces, 10 car parking spaces and a communal roof terrace.
Manchester city centre is currently witnessing a boom in residential development, with more than 14,400 units across 48 sites under construction, according to Deloitte.
Richard Cook, group director of development at Clarion, said: “We are aware of the demand for affordable housing in Manchester city centre.
"While shared ownership is not the solution for everyone, our development will play a valuable role in expanding the options available within the city centre housing market, especially for people who currently see home ownership as out of their reach.”
A planning application will be submitted following a public consultation event in Manchester on 3 February. The deadline for feedback is eight days later.
The value of the development has not been disclosed.