The council has sold two plots of the Perry Barr Residential Scheme to Legal & General Affordable Homes, bringing forward 487 homes as affordable housing, offering a mix of rent and Shared Ownership.
Another developed plot is being retained by Birmingham City Council for council housing, further elevating the total number of affordable homes delivered in phase one of the Perry Barr Residential Scheme to 700.
The sale ensures that 100% of the homes on the three plots are affordable homes, which more than doubles the affordable housing target of 312 set out in the planning application for the entire Perry Barr Residential Scheme.
Legal & General Affordable Homes is dedicated to offering affordable housing options and has a track record of bringing added civic values to their developments.
Cllr Sharon Thompson, Deputy Leader and Cabinet Member for Economy and Skills, said:
“Delivering much needed affordable housing for the city through the Perry Barr Residential Scheme has been a key priority for me.
“The number of people on the housing register in Birmingham has never been higher, selling these plots will provide a welcome boost to the supply of affordable homes in the city.
“We are pleased to sell these plots to such a reputable operator of residential properties, one with a commitment to addressing the chronic undersupply of affordable housing in the UK.
“Legal & General Affordable Homes have an excellent pedigree for investing, growing, and maintaining communities in the long term. We could not have asked for a better partner in Legal and General Affordable Homes and are pleased that we will be working with them towards the long term regeneration of Perry Barr.
“Selling these plots delivers on our aims to provide a sustainable future and legacy for Perry Barr. This multi-award winning scheme provides a catalyst for the continued regeneration of the area and ongoing housing growth for the city.”
Ben Denton, Chief Executive at Legal & General Affordable Homes, said:
“Our vision is to provide everyone with an affordable, high-quality and environmentally sustainable place to live and grow. Our acquisition of the Perry Barr homes shows our commitment to delivering on this and investing in high quality stock, improving our asset portfolio and achieving improved returns.
“Perry Barr is an exciting opportunity to help create a thriving new neighbourhood that contributes positively towards the local area and supports the council with tackling its housing challenges.”