Residents in Keynsham are to get the first option on purchasing apartments in the town’s new Riverside View development, delivered by B&NES Council’s construction and development company.
People living in Keynsham will be able to secure one of the first 20 properties to be released in the redeveloped former council offices, a week before they go on general sale.
Riverside View is a key part of the regeneration of Keynsham and will provide a total of 95 contemporary studio, one and two bedroom apartments.
The development is being delivered by Aequus Construction Limited, Bath & North East Somerset Council’s construction and development company.
Councillor Tim Warren, Council Leader, said: “People in Keynsham have watched with interest the redevelopment of this important site. It’ll be providing much needed new housing in the town and it’s only right that local people should be the first to view the first phase of these properties.
“I’m pleased Aequus is also giving local people first option on buying one of the properties in the initial release.”
Tim Richens, Managing Director of Aequus Group, said: “The apartments are competitively priced and we hope will give first time buyers, movers or those who want to downsize the chance to purchase a new property in their home town.
“Riverside View is a fantastic development in a wonderful location: it overlooks the river, is a stone’s throw from the newly revamped leisure centre, is within easy walking distance to restaurants and bars and, of course, Keynsham itself has great communication links providing easy access to Bath, Bristol and beyond.”
The apartments will go on sale to Keynsham residents from Monday 15th April, with prices ranging from £170,000 – £315,000.
The Riverside View Development is registered for the Government Help to Buy Scheme. This means the Government lends first time buyers up to 20 per cent of the cost of the newly built home, so they would only need a 5 per cent cash deposit and a 75 per cent mortgage to make up the rest.
Under Help to Buy, people are not charged loan fees on the 20 per cent loan for the first five years of owning your home.
There would also be no stamp duty to pay for first time buyers on apartments up to £300,000 so this means a first time buyer could move in to one of the new apartments with a 5 per cent deposit of £8,500.
Residents who wish to purchase one of the new Riverside View apartments during the early release will only be allowed to buy one property and will not be able to purchase for buy to let. They will also need to provide proof of local residency such as a utility bill.
The apartments will go on sale to the general public on Monday 22nd April.
The redevelopment of the former council offices in Temple Street is the biggest project so far to have been undertaken by Aequus Construction Limited. The company was formed by Bath & North East Somerset Council three years ago to deliver new homes and generate income for the council.