19 Discounted ‘First Homes’ to Become Available at Wavensmere’s £50m Arkle Court Scheme in Cheltenham

19 discounted ‘First Homes’ will become available at Wavensmere Homes’ £50m Arkle Court development, located within Cheltenham’s Central Conservation Area. Working in partnership with Cheltenham Borough Council, the new homes – all one-bedroom apartments – will be offered to local first-time buyers for 30% less than the market value. 

Discounted prices will range from £182,000 to £196,000, with 95% loan-to-value mortgages available from a wide range of banks and building societies to make accessing the property ladder as affordable as possible. The discount will stay with the property in perpetuity, enabling future first time buyers to benefit from the same opportunity.  

Work to redevelop the former North Place surface car park commenced in February 2025. 147 houses and apartments are currently under construction by Wavensmere Homes and Montane Partners, designed to sensitively enhance the street scene, including the Grade II* listed St Margaret’s Terrace.

Donna Smith, sales director for Wavensmere Homes, said: “The 19 Arkle Court apartments to be sold as ‘First Homes’ will be ready to move into during summer 2027, but due to the high level of demand anticipated, we will begin registering interest straight away and processing applications on a first come first served basis. There are so many key workers and local professionals who would love to live in the heart of Cheltenham, so we’re thrilled to be bringing these homes to market at a discounted rate.

“Getting onto the property ladder is a rite of passage, but it can feel out of reach for people with essential jobs working in affluent property hotspots like Cheltenham. The ‘First Homes’ will have the same specification as the other 53 one- and two-bedroom apartments at Arkle Court, so this is a super opportunity to live in a beautiful new home at a fraction of the price. We are urging prospective buyers to make contact with us, as enquiries will be logged and processed in chronological order.” 

The criteria set by Cheltenham Borough Council is for all applicants to have a strong local connection to the Regency Town. The maximum household income threshold is £80,000 and a mortgage is required for at least 50% of the value of the property. Purchasers will own the home outright with a mortgage – there is no involvement from a Housing Association. As Arkle Court is the first development within central Cheltenham to offer ‘First Homes’, a statement from the prospective buyer is required by the Council to understand individual circumstances and the motivations to get a foothold onto the property ladder. 

Arkle Court is being constructed in phases, with the first rows of terraced houses scheduled for occupation in summer 2026. The apartments designated as ‘First Homes’ range in size from 415 – 487 sq ft. While these 19 new apartments won’t be ready to move into until mid-2027, Wavensmere Homes and Cheltenham Borough Council have fixed the prices ahead of time, in order to provide first time buyers with the highest level of transparency and best value. 

Councillor Rowena Hay, leader at Cheltenham Borough Council said: “Providing first time buyers with an opportunity to get on the housing ladder is really important. We believe everyone deserves to live in a high-quality home. These affordable one-bedroom apartments are a great starter home and will be offered to local people, providing them with excellent value and sustainable living in the heart of Cheltenham.”

This complex brownfield regeneration project is transforming the site of the former Black & White’s Coach Station, which had been underutilised as a surface car park for many years. The development is continuing the renaissance of Cheltenham’s St Paul’s area and delivering much-needed energy-efficient new homes.

Arkle Court has been designed by nationally acclaimed architects Glancy Nicholls to complement the town’s Regency architecture and create a sustainable new community in the heart of the town centre. Extending to over 3.5-acres, the scheme will include multiple areas of high quality landscaped open space, with the opportunity for a public art installation to be created as part of the Cheltenham Paint Festival. Vehicular, pedestrian and cycle access is from North Place, less than half a mile from the town centre’s historic core.

The redevelopment will connect Pittville Park on the one side, through North Place, to the thriving Brewery Quarter, the Lower High Street Poundland site – which will see a mixed-use redevelopment – through to the cyber-tech Hub MX and Minster Gardens. Enhanced connectivity and walkability will cut down travel times, increase opportunities and health and wellbeing, reduce isolation, and drive economic growth.  

The designs for Arkle Court are gas-free with a target A-rated energy performance for the townhouses and B for the apartments. Wavensmere Homes’ specification of local materials is helping to reduce carbon footprint, along with an array of energy saving and generating technology, including air source heat pumps, solar PV panels and centralised mechanical ventilation heat recovery systems. 

Wavensmere Homes is constructing an additional six major urban regeneration schemes, located in central Birmingham, Derbyshire, Ipswich, and Wolverhampton. The Birmingham-headquartered housebuilder has around 3,500 new homes either under construction or in planning.

Montane Partners is actively investing in property throughout the UK, across the residential, retail, leisure and hotel sectors.  

To enquire about Arkle Court, visit: https://www.wavensmere.co.uk/sites/arkle-court/