Salford council-owned company Derive Group has received a £5.7m loan to build 50 homes on the former Irwell Valley High School site. The move aligns with the council's goal of bringing social housing back into public ownership. The loan will be repaid over 40 years with a four percent annual interest rate.
Nearly 50 homes have been transferred to the Salford council-owned company Derive Group following a £5.7m loan from the town hall. The authority is in the process of building the homes on the former Irwell Valley High School site, off Blandford Road, in the Pendleton and Charlestown ward, including 25 apartments and 21 apartments.
The structure has been retained and incorporated into the gable end of a pair of semi-detached houses. Derive RP will manage 41 of the properties - available through Salford Home Search at either social or affordable rent.READ MORE: The Greater Manchester town undergoing a huge rebirth - could it become one of region's trendiest spots?
The loan period for Derive is Dérive will have 40 years a four per cent annual interest rate, with rental income expected to pay back the borrowing. It is the second transfer of homes to Dérive from the city council after the first batch included 104 homes, the final 12 of these will be handed over by November 30.
Kelly said. “The 25 apartments and 21 houses, which are being built on a former school site, will meet Passivhaus standards, meaning they’ll be highly energy efficient,” she said. “Not only will this help us move towards our target of carbon neutrality by 2038, but importantly it means residents will benefit from lower energy bills and warmer homes.
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