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FreshStart Living Launches Affordable Housing Concept In Gateshead

Affordable homes developer FreshStart Living is in talks to complete its first deal in the North East of England which will kick start the affordable housing market in Gateshead.

FreshStart Living, the company that specialises in redeveloping disused buildings and transforming them into affordable homes, has submitted a planning application to develop a disused office block close to the centre of Gateshead.

The company plans to convert the eight-storey 1970s office building into 112 one-bedroom UrbanPads, which will create a scheme with an end value of over £5 million.

The UrbanPads concept has been developed as a way to bring affordable properties on to the market. The bespoke one-bedroom apartments benefit from innovative design techniques to maximise the available space and are ideal for first-time buyers and young professionals.

Once planning permission has been granted, construction is expected to begin on site by the end of 2012, with the development estimated to be complete by May 2013.

The properties will be sold to buy-to-let investors and first time buyers for £44,950, around 30 per cent below the market value when compared to similar properties in the area.

They are expected to be leased from £395 per month including utility bills and Wi-Fi internet access, an affordable price which will allow tenants living in the apartments to make significant savings.

Charlie Cunningham, chief executive officer of FreshStart Living, said:

“FreshStart is continually looking to expand and the North East and Gateshead in particular was chosen as an ideal market in which to launch our new affordable property concept.

“We are extremely excited about our UrbanPads and we are confident that the people of Gateshead will be too. They are high-quality innovative apartments and, importantly, they are affordable. Not only will they help first-time buyers and young couples get on the property ladder, but the low purchase price will allow savings to be passed on to the tenants renting there.”

This was posted in Bdaily's Members' News section by FreshStart Living .