Newcastle property company Adderstone Group has announced its latest development partnership to create affordable housing in the region.
The investment and development group launched Adderstone Living in its last financial year, to deliver schemes for registered housing associations, completing three developments in its inaugural year and securing three new contracts, in partnerships with North Star Group, Places for People, Thirteen Group and Karbon Homes.
Now the company is boosting affordable housing availability in South Shields, South Tyneside, in its scheme for Places for People, which will deliver 69 homes, after planning permission was granted.
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The development will deliver a range of two, three and four-bedroom homes available for local people through affordable rent. They will be created on a disused brownfield site on Shaftesbury Avenue, close to South Shields Football Club. Construction will start soon and the first homes will be completed early next year.
Nilam Buchannan, regional managing director for Places for People for the Central and North region, said the firm last year created 907 affordable homes across the country, including a scheme in Newcastle.
She said: “Places for People is committed to putting people first. We listen, and we create affordable homes in neighbourhoods that support health and wellbeing – something we are delighted to now be doing in South Shields.
“Together with Adderstone Living, we have worked closely with South Tyneside Council to design a development which will provide much-needed family and affordable homes in South Shields, helping the authority to meet its housing targets.”
In addition to the new homes, Places for People and Adderstone Living said they are also supporting the local community, committing to giving future occupiers a preloaded ‘top up’ travel card, encouraging local public transport use and promoting sustainable methods of travel.
Stephen McCoy, director of Adderstone Living Limited, added: “This new neighbourhood will not only contribute to the critical shortage of affordable housing in South Shields, but it will also boost the local economy as a new population is established here – increasing the use of local amenities and infrastructure.
“We look forward to commencing work on site this month and updating the local community as it fast becomes a reality.”
Adderstone Group recently released accounts showing it increased its investment portfolio to £115m last year, despite the challenges of the pandemic.
The group, which is made up of more than 50 corporate entities, released figures for the year ended March 31 2021, saying it increased its net assets by £4.2m.
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