Wavensmere Homes Strikes £10m Deal with Heylo for Shared Ownership Homes
at Birmingham’s Belgrave Village Scheme
Wavensmere Homes has struck a deal for just under £10m with national shared ownership provider Heylo for the affordable housing provision at the £106m Belgrave Village development located in central Birmingham.
44 of the 438 eco-efficient houses and apartments being constructed on the 12-acre regeneration site will be available to first-time buyers and other eligible buyers on a shared ownership basis, which enables qualifying purchasers to access the housing ladder with a smaller deposit.
Located off Belgrave Middleway (A4540), just outside the city’s Low Emission Zone, the community-focused development features extensive new public open space. The Belgrave Village site was previously Joseph Chamberlain Sixth Form College and Birmingham Sports Centre but had lain derelict for 20 years.
James Dickens, Managing Director at Edgbaston-headquartered Wavensmere Homes, said: “We are thrilled to announce Heylo as the affordable housing provider, which will add a new dimension to what is already a highly popular landmark development. Belgrave Village is set apart from other schemes in central Birmingham because of its attainable pricing strategy, which is already enabling first-time buyers to secure their first home. By working with Heylo, 10% of the homes here will now be prioritised to those who would otherwise not be able to access the property ladder.”
The 44 shared ownership homes are split across each phase of the development, which is scheduled for completion in spring 2025. A proportion of Heylo’s 11 two-, three- and four-bedroom houses and 23 one- and two-bedroom apartments are available for occupation.
David Duignan, Partnerships Director (South) at Heylo Housing, said: “Being able to offer Belgrave Village houses and apartments for sale via our Home Reach shared ownership scheme will create a big boost to our Birmingham offering. With the cost of renting so high, this will enable hard-working people to move into a brand-new energy-efficient home of their own with deposits from 5% of the share value.
“The overall cost of shared ownership is significantly lower than renting, the process of staircase is straightforward, and the deposit requirements are low. We are looking forward to seeing the first Belgrave Village shared ownership homes occupied within the coming weeks.”
Wavensmere Homes is delivering Belgrave Village in partnership with Galliard Homes and Apsley House Capital. Over 65% of the striking development – which ranges from two to 11 storeys – has already been sold at the off-plan stage and keys to the first 60 newly completed homes are being handed over to purchasers during 2023. Priced from £93,500 for a 50% share of a one-bedroom apartment, each plot benefits from air source heat pumps, natural ventilation, low-energy appliances, and EV car charging points, to enable occupiers to lower their carbon footprint and household bills. The city’s first EPC-B rated houses are also eligible for green mortgages.
While rental values at Belgrave Village are on par with the Jewellery Quarter and other parts of central Birmingham, the design and acreage of the development afford the luxury of linear parks and a good allocation of parking. All 174 two-, three- and four-bedroom houses at the scheme are sold with a parking space, while purchasers have the opportunity to buy parking with the 238 one- and two-bedroom apartments.
Once complete, Belgrave Village will offer residents access to a gym, co-working space, screening room, and concierge service. The scheme design and mix of apartment and house types enables occupiers to care for a small pet.
For local journeys into the city’s business, shopping, and cultural quarters, cycling and E-scooters that are readily available for hire are the preferred methods of transport for most residents, although bus stops are positioned close to the new development. Moor Street Station and New Street Station are both around 1.5 miles away, offering frequent services across the UK rail network. Trains from New Street to London Euston take 63 minutes. The A4540 leads to the Aston Expressway (A38M) and provides easy access to the national motorway network.
Wavensmere Homes has invested in virtual reality, augmented reality, and a range of fly-through videos, to give prospective purchasers the opportunity to get a real feel for each available home.
Headquartered in Edgbaston, Birmingham, Wavensmere Homes has close to 3,500 new homes either in production, or planning.
For further information on Belgrave Village, or to book an appointment – including for shared ownership enquiries – contact Connells’ Birmingham office on 0121 212 0800, or email [email protected].