Work is due to start on the creation of 140 new homes on Leamington’s canal side in Sydenham Drive.
Orbit Homes, working in partnership with Deeley Construction, was recently granted planning permission for the £29 million residential development which is due to be completed by spring 2018.
The development, on the former Soans’ Ford dealership site, will offer a mix of houses for sale, shared ownership schemes and affordable rented homes.
Orbit has said that with the most recent house prices as given by Rightmove averaging at £281,888 in Leamington, and a growing demand for homes in the town putting homeownership out of reach for many, the development will provide a range of housing options to help people on to the housing ladder.
Offering canal-side living, the new development will bring 55 homes to the open market, as well as 39 homes available for shared ownership and 49 for affordable rent.
The land purchase was completed at the start of the month with work set to start by the end of it.
Chris Jones, development director at Orbit Homes, said: “We are incredibly excited to have completed the purchase of the land, and begin to bring to life our plans for this canal-side development.
“The housing market in Leamington Spa, along with much of the country, means there is a housing shortage, especially at affordable prices. This development will create more housing options and provide quality homes to meet people’s needs and aspirations.”
Martin Gallagher, managing director of Deeley Construction, added: “We are very pleased to be working in partnership with Orbit Homes on another project that will deliver much-needed new homes in the region.
“We are more than contractors in a project of this nature – we work as partners in bringing about the best possible results for the client.
“The Deeley Group has been involved in moving this site forward for several years now and we are delighted to be undertaking the work on these brand new homes for Leamington.”
The development will be included as part of Warwick District Council’s Local Plan, which has recently been modified to cover some of Coventry’s housing shortfall.
The council has to provide 17,000 new homes and suitable infrastructure by 2029 and show there could be room for thousands more houses as well.