PROPERTY P L A C E S T O L I V E , W O R K A N D P L AY
NEW!
PROPERTY SECTION
Shared ownership
OUR HOUSE
The once-deserted site of Bristol’s Imperial Tobacco Factory has undergone something of a transformation, and the brand-new Copper Building, flanking the original Lakeshore structure, is the latest additio, bringing much-needed housing to South Bristol. As part of a joint venture, Urban Splash and Places for People have released a collection of 14 new duplex homes, all of which can be bagged through shared ownership. Urban Splash has spent more than two decades working with world-class architects and designers to restore old buildings and create new, sustainable communities. Owned by Places for People, with Urban Splash acting as a selling agent, the homes are located on the building’s top floor and offer two-bedrooms and two bathrooms,
with duplex living and dual-aspect views over the surrounding 10 acres of private residents’ gardens – and a lake, just in case the rest wasn’t enough to win you over. Worried that you’ll never set foot on the property ladder? Think again. Shared ownership is a simple, cost-effective Government initiative which makes properties like these more affordable. It allows firsttime buyers – or people who don’t currently own a home – the opportunity to purchase a share in a new-build property. As David Morgan, sales manager for the JV explained: “This is a great initiative for anyone who wants to own a beautifully designed home, but wants to explore an alternative way of financing the process. “Through shared ownership, purchasers take out a mortgage on the share they own, while then paying a monthly rent on the remaining share – equating on these homes to a small
annual figure of around 1.75%. Because the buyer only needs a mortgage for the share they are purchasing, the amount required for a deposit is often a lot lower when compared to buying outright, meaning this is a really viable route to home ownership for many customers.” Once the property is purchased, customers then have the option to increase this share during their time in the property via a process known as ‘staircasing’, and in most cases can purchase all the way up to 100% – owning the property outright. Prices start at £260,000 including parking for the duplex penthouses which boast up to 753 sq ft of living space. Copper building comprises a total of 136 homes, each of which is packed with excellent design points created by Bristol-based architects Ferguson Mann. For more information about Shared Ownership, with shares from £65,000-£195,000, visit www.urbansplash.co.uk
www.mediaclash.co.uk I BRISTOL LIFE I 99
