£6 million grant could lead two former office building conversions into affordable homes in Peterborough

£6 million grant could lead two former office building conversions into affordable homes in Peterborough

The Housing and Communities Committee of Cambridgeshire & Peterborough Combined Authority, today (6 September) gave the green light for £6,120,000 grant funding to support the conversion of two former offices in Peterborough into residential units.

Conversion of the office in Bayard Plaza has been completed, and the former Yorkshire Building Society premises in Lynch Wood has also been identified to be converted into affordable flats.

• £1,800,000 to provide 40 new affordable flats, using a rent to buy model will be available at an affordable rate for up to 5-20 years at Bayard Plaza.
• £4,320,000 to create 96 affordable flats, using a rent to buy model will be available at an affordable rate for up to 5-20 years at the former Yorkshire Building Society offices in Lynch Wood.

The Combined Authority will approach Ministry of Housing, Communities and Local Government (MHCLG) to ask that it reconsider its current position on the use of the Rentplus model to deliver affordable housing schemes in the Cambridgeshire and Peterborough area.

However, the awarding of this grant is still subject to confirmation of the release of the balance of monies for the existing £100 million affordable housing programme from Department for Business, Energy & Industrial Strategy (BEIS) and MHCLG.

Dr Nik Johnson, Mayor of Cambridgeshire and Peterborough said:

“Providing much needed housing for young professionals, key workers and those who live in the Peterborough area, where it’s clearly needed, is a focus for me and the Combined Authority.

“We believe that the Rentplus affordable rent to buy model plays a part in delivering affordable homes for the people of Cambridgeshire and Peterborough. While we are keen to work with MHCLG, we’re also open to models that help us achieve our housing plan.”