Clavering Court, a new, purpose-built development in Dunston, Gateshead, has attracted more than 150 people to an open day, which showcased the exceptional facilities and highlighted the shared ownership opportunities available for older people.
Built on the iconic Dunston Rocket regeneration site, Clavering Court offers a range of one and two bedroom flats to rent and two bedroom apartments for shared ownership.
The shared ownership apartments, the majority of which benefit from a balcony or outside terrace, are for sale starting from £26,250 for a 25% share.
When it is affordable to do so, buyers can purchase further shares in the property up to a maximum of 75% of market value.
Shared ownership enables people to buy a share in the property and pay an affordable rent for the remaining share, although anyone buying a 75% share will not be liable to pay rent.
It offers the opportunity to get onto the housing ladder, even for older people, and to benefit from any increase in market value. Owners can make alterations or improvements and can sell their share in the property at any time.
Clavering Court, owned by the Thirteen Group, has a number of residents’ lounges, a roof terrace, lifts, a warden call system, secure entry system, individual gas central heating, parking and private grounds.
It is designed specifically for over 55s with step-free access, lifts, extra wide doors and is close to local amenities.
The apartments join a supermarket that opened on the site in 2014 while future phases of work will see health facilities and family homes created.
The recent open day enabled people to view the show apartment and look around the scheme and the local area.
Ben Holmes, Thirteen Group sales manager, said: “We are hoping to create a cohesive and varied community in the heart of Gateshead and have had a great deal of interest from older and retired individuals and couples.
“While shared ownership is an option often talked about for young, first time buyers, it is not necessarily something older people consider but our project, designed specifically for the over 55s offers buyers a flexible, low cost way of buying a new home, even if they can’t afford the full market price.
“There are a small number of shared ownership apartments still available, but interest is very high following the open day.”
Gateshead Council’s Economic & Housing Growth Service Director, Andrew Marshall, said: “These new apartments have been built to standards of space and construction that the Dunston Rocket could never have delivered. They are some of the best homes of their type in the region.
“They might not dominate the skyline like their predecessor did but they will provide a great home for many years to come. They are an essential element of the new community that is being created here.”
More details on Clavering Court and the shared ownership scheme are available via the selling agent Pattinson on 0191 488 8898.