A RETIREMENT living development in Somerset is to be remarketed - providing more than 120 affordable homes.
Property firm Alliance Homes has announced that it has completed the purchase of the vacant Marina Gardens development in Portishead.
The site was purchased from retirement living provider Lifestory Group, who completed construction in 2019 and the 127 studio, one and two-bedroom homes put up for sale and rent as affordable properties.
The £27.8 million purchase follows planning approval for change of use from private sale retirement living to 100% affordable housing.
The purchase is supported by grant funding from Homes England and North Somerset Council.
Iain Lock, director of investment at Alliance Homes, said: “We are really proud to be bringing so much affordable housing to Portishead – an area characterised by supply and affordability challenges.
"Marina Gardens will provide a range of entry routes for customers and with nominations from Portishead being prioritised for rented homes by North Somerset Council, it will reflect the needs of the local community.
“This purchase is one of the largest purchases of a completed development by a housing association in the south west and as such represents our ambition to deliver vibrant and sustainable communities at pace and scale.”
Over the next 10 years, Alliance Homes plans to help tackle the national housing crisis by developing at least 2,000 new homes for sale and rent across the West of England.
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