Oxford City Council have partnered with a housebuilder to deliver 111 affordable homes, with 80% for social rent.
In joining with the Hill Group on the scheme, the council have acquired the Canalside development in Oxford North.
The development is the first part of a 317-home scheme the housebuilder is set to deliver at Canalside, an area currently ranking amongst the most unaffordable places to live in the UK.
With work having commenced at the beginning of this year, the first homes are due for completion by spring 2024.
Of the homes on the development, 89 are to be made available for social rent, while the remaining 22 will be up for shared ownership.
The homes designated for social rent will be open for bidding through the choice-based lettings scheme for individuals on the Oxford City Council housing register.
The construction will also provide economic benefits through engagement with educational institutions, youth and apprenticeships, and disadvantaged communities.
Linda Smith, cabinet member for housing at Oxford City Council, said:
Providing sustainable and affordable homes is one of our key priorities as a council. This agreement is a major boost, enabling us to provide 89 homes at genuinely affordable social rent and helping another 22 households into homeownership.
The development will promote sustainable living
The development is also slated to be built with low-carbon features and design practices in mind.
Air-source heat pumps and electric car charging points will be included, as well putting in place water consumption reduction measures.
A large, landscaped communal park will also be a feature on the development, play areas and pedestrian and cycle paths.
Andy Hill, group chief executive officer of Hill, said: “Canalside at Oxford North represents a landmark residential development for the city, and we are delighted to agree on the delivery of the project’s affordable housing to Oxford City Council.
This agreement ensures local people will have access to sustainable, well-designed homes on an affordable basis, built to the high standards for which the Hill Group is renowned.
OX Place will add the acquisition to its affordable housing portfolio
Acting as development managers for the acquisition are OX Place, the council’s own housing company.
Founded in 2016, the company seeks to provide adequate and affordable housing, some through shared ownership schemes, with all profits invested back into the city.
They are also committed to building sustainable housing through the use of high-quality building materials and renewable energy technology.