Despite the bleak outlook in the property market, the future looks bright for one of the largest regeneration schemes in the Midlands.
Spirit Quarters in Coventry, a £360m public-private redevelopment partnership is bucking the trend with new properties being snapped up at a rate of 1.5 properties a week – whilst the national average remains at 0.45 a week.
The developers have already sold 70% of the first phase,. A further 230 new homes are on their way, with the start of the second phase later this month.
Eamonn McInerney, Sales and Marketing Manager at Keepmoat Homes explained why buyers were attracted to the redevelopment: "Spirit Quarters is one of the most affordable housing schemes in Coventry, with a range of houses and apartments on offer. Our current bestseller is the three-bedroom Whittle which has sold out on the first phase and we are already taking details for buyers on the next phase."
"In addition to this, the neighbourhood has a host of new facilities - new schools, community centres and the £11m Moat House Leisure and Neighbourhood Centre. This attracts buyers who recognise Spirit Quarters as an up and coming area to live in."
Spirit Quarters is a six-way partnership between Whitefriars Housing, Coventry City Council, Homes and Communities Agency and developers (Bovis, Keepmoat and Persimmon). The scheme kicked off last October after years of critical planning with support from the local community and Moat House Community Trust.
Cllr Linda Bigham, Cabinet Member for City Development, said: "This is just what the people of Coventry need - affordable houses to rent or buy. It looks like the range of properties, the location and the price has hit just the right note."
Kevin Roach, Spirit Quarters Project Director said: "This is positive news for all partners involved in the scheme. Not only are we bucking the home-buying trend, we are also one of the few regeneration schemes in England which is still continuing despite the tough economic conditions. This is very much because of the commitment of all partners involved and key support from our funders, the Homes and Communities Agency."
