Housing bosses say they are on target to create a property portfolio worth £68 million within 10 years in Stoke-on-Trent as a two-year milestone is reached.
Stoke-on-Trent City Council has made a commitment to invest £52.4 million between 2017 and 2020 in its housing company Fortior Homes.
Since its formation, the wholly owned council company has successfully led the way in driving the housing market across the city.
The company has just celebrated its second anniversary and is looking to establish a stock holding of more than 400 homes and generate a regular income for the council via dividend payments, as well as increase its council tax base.
Established with the goal of being a catalyst for development, the organisation aims to meet the rising demand for quality housing in Stoke-on-Trent.
Key achievements to date include:
- Purchased and now managing 36 existing properties within the city.
- 151 properties under construction that have been directly commissioned by Fortior Homes at the Smithfield development in the city centre.
- Purchased 5 properties from Keepmoat Homes at Lyme Gardens and Bucknall Grange developments.
- Purchased 25 properties from Barratt Homes on the Alexander Gate development.
- Purchased a converted church building now known as The Warehouse containing 12 apartments within the City Centre.
In terms of direct development, Fortior Homes has:
- Submitted a planning application to build 10 new apartments on an existing garage site in Chamberlain Avenue, Penkhull.
- Begun the process of appointing a main contractor for the 128 unit Lichfield Street site adjacent to the Emma Bridgewater factory.
The construction of 151 high quality ‘build to rent’ apartments situated at the Smithfield site is also well under way.
This accommodation scheme is the first of its type in the city, and will consist of a mixture of one and two-bedroom units, with amenity space and communal gardens. There will also be leisure, commercial and retail opportunities on the ground floor, including a gym, office space and retail units.
Councillor Randy Conteh, cabinet member for housing, communities and safer city, said: “Fortior’s successes in the last two years are a clear indication that our great city is on the up. Two years on and Fortior is continuing to build much more than just homes.
“The development of the Smithfield site alone is a key boost for local businesses, creating increased footfall in the city centre. It’s exciting to see this building taking shape next door to the construction site of a four-star hotel. It really is a true indicator that Stoke-on-Trent has a fantastic appetite for housing and is committed to providing a varied selection of property types to fully meet the needs of current and future residents in the city.”
Seventy per cent of Fortior’s sub-contractor supply chain is from Stoke-on-Trent and Staffordshire – demonstrating a commitment to supporting the local economy.
Working closely with developers, financial institutions and housing providers, Fortior Homes continues to delivered housing growth across the city of the right type and tenure, in the right location.
Richard Ingham, partner at Genr8 – which is delivering the Smithfield development in partnership with Fortior – said: “Fortior Homes has been integral to the development of the next phase at Smithfield, and we’ve been delighted to work side-by-side with them on bringing the first ever build-to-rent apartments to Stoke-on-Trent.
“Their vision and commitment has been a vital component in establishing the fantastic mixed use offer at Smithfield and we look forward to continuing our partnership with them in the years to come. Progress on site continues at pace and our thoughts are now firmly on the delivery of the subsequent exciting phases at Smithfield.”
For all media enquiries please contact the Communications Department at Stoke-on-Trent City Council on 01782 232265.