The first phase of shared ownership homes has been launched at Manchester’s Victoria Riverside, presenting an affordable housing option for many.
With deposits starting from just £8,663, significantly lower than the local average, these homes are ideal for first-time buyers and those seeking a city centre lifestyle.
Affordable Urban Living
A new collection of one- and two-bedroom shared ownership apartments has been made available within the City View Tower. Located near Manchester Victoria station, Angel Meadows Park, and the forthcoming City River Park, these homes are positioned perfectly for city living.
The proximity to these amenities makes the properties highly attractive for those who want a vibrant city life.
Shared Ownership Explained
Shared Ownership allows buyers to purchase an initial share of their home, starting from 35%, and pay a mortgage on that portion. The remaining share incurs rent, making it a more accessible option for potential homeowners.
A deposit is only needed for the share being bought. Over time, homeowners can increase their share through a process called ‘staircasing’, eventually owning 100% of their property.
Exciting New Development
Victoria Riverside offers premium living conditions with a host of amenities nearby, including shops, restaurants, cafes, and nightlife.
Claire Brenlund, Sales & Marketing Director, highlighted the development as L&Q’s first major launch in Manchester city centre, emphasizing the excitement surrounding this new neighbourhood.
The residential building features state-of-the-art facilities, such as a gym, communal workspace, concierge service, and podium gardens.
Transformation of the Red Bank Neighbourhood
The 18-storey building, which houses 128 shared ownership homes, is part of Red Bank’s ongoing transformation, marking the first phase of Victoria North’s ambitious regeneration project.
Developed by FEC and Manchester City Council, Victoria North spans 155 hectares and will see the creation of more than 15,000 new homes over the next 15 years.
The project aims to integrate new schools, healthcare facilities, and enhanced transport links, making it the largest urban regeneration effort in the North of England.
Community Vision
Cllr Gavin White, Manchester City Council’s executive member for housing and development, stresses the importance of offering diverse housing options to build sustainable communities.
He welcomes the investment into shared ownership homes, noting that it opens up the property ladder to more residents by providing an affordable housing solution.
Convenient Transport Links
The development benefits from extensive public transport connections, making commuting effortless for residents.
Shudehill tram stop and Hanover Street bus stop are both a 10-minute walk away. Victoria Train Station is also nearby, with frequent services to Manchester Airport, Chester, and Liverpool.
Future Prospects
With the continuous investment and vision for urban development, Victoria Riverside and the wider Victoria North project are set to reimagine city living.
As the development progresses, it will bring more homes and facilities that cater to a diverse population, reshaping the urban landscape of Manchester.
Summary of Benefits
The shared ownership homes at Victoria Riverside offer an affordable route to homeownership, supported by modern amenities and excellent transport connections.
The launch of shared ownership homes at Victoria Riverside marks a significant milestone in Manchester’s urban regeneration. This development not only provides affordable housing options but also contributes to the transformation of the Red Bank neighbourhood, promising a vibrant and sustainable community for the future.
With the continued development of Victoria North, residents can look forward to a well-rounded urban experience that includes modern amenities, green spaces, and excellent connectivity.
