Housing association Derwent Living is pledging to build 670 low-cost homes over the next three years.
The firm also says it intends to realise value in commercial residential property, in a bid to create investment capital, and will be selling all its student and market rented housing over the next three years. This, it says, will generate cash to fund Centro Place Investments (CPI) which will provide a better long-term return of 15%.
The plans are just part of Derwent Living’s recently released 2017-2020 business plan, which sets out the company’s aims and objectives across a number of key areas.
Head of development, Neal Farmer, said: “There is an overwhelming need for affordable housing in our region. Over the next three years Derwent Living is planning to work with developers and partners to create a broad range of properties for rent and shared ownership.
“Smaller homes are especially in demand, so we’re delivering a number of one-bed houses alongside two and three-bed family homes.
“This is our first business plan since joining the Places for People Group in January 2017; a move which has enabled us to launch our most ambitious development programme in recent years and open up further opportunities for Derwent Living to increase investment in communities.”