A multi-million regeneration scheme is a step closer to being built after developers exchanged contracts with a city council.
The Hyde Group and development partner Linkcity exchanged contracts with Canterbury City Council on the £115m mixed-use regeneration scheme in the heart Canterbury which that will provide 189 affordable homes for people in the area.
Alongside the new homes, the Riverside development will include a five-screen cinema, bars, restaurants and student accommodation.
Construction is due to start in autumn, with work on the homes beginning in September next year.
The project is expected to be competed in 2023.
Mike Finch, from the Hyde Group said: “We are delighted to now be able to take the residential element of this exciting project forward and, importantly, that all the homes will be affordable.
“Alongside shared ownership, 40% of the homes will be available for social rent, ensuring local people can afford to stay in the area.”
Linkcity (part of the Bouygues Construction Group) and Hyde will lease the land from the council, which will invest £23m in the commercial elements of the scheme, which includes a 220-space undercroft car park.
The scheme was approved by councillors in May last year.
Leader of Canterbury City Council, Cllr Rob Thomas, added: “Ensuring all of the homes on this site were affordable was a key priority for us.
“It’s great news for local families that this deal has now been done, and with almost 80 of the houses available at social rent levels, the development will offer a fantastic mix of properties for people on a range of incomes.
“We’re looking forward to seeing work get underway on these new homes next year.
“This housing sits alongside the other elements of what is a major regeneration scheme for Canterbury.
It’s an exciting and sustainable development for the city and we know it’s going to prove very popular.”
Nicolas Guérin, managing director of Linkcity said: “Securing delivery of the residential element of the Riverside project is a crucial piece in the jigsaw for this exciting mixed-use scheme.
“New affordable homes will sit alongside the cinema, student accommodation and food and drink operators, making a hugely positive impact in this part of the city.
“We look forward to continuing to work closely with our Hyde and Canterbury City Council throughout the delivery stage, as we bring this vibrant development to life.”
Sources: Kent Online