PROPERTY NEWS The new Copper Building

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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, fl anking 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 fl oor and off er 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-eff ective Government initiative which makes properties like these more aff ordable. It allows fi rsttime 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 fi nancing 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 fi gure 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