Inspired Asset Management, the parent company of Inspired Homes, and Equinox Living have joined forces in a joint venture partnership to develop two new micro-apartment schemes in Witham near Chelmsford and Luton that between them will deliver 164 new homes.
Contracts have just been exchanged in Witham for a disused office building which will be transformed into a new residential development. Due to complete in March 2018, the £18m GDV scheme will deliver 98 one- and two-bedroom micro-apartments with parking for every home.
Equinox Living has already exchanged on the purchase of Maxet House in Luton, with the deal also due to complete in March 2018. Luton last year unveiled a £1.5bn 20-year programme that will provide commercial, leisure and housing opportunities for developers while regenerating the town. The office block will be converted into 59 micro-apartments under Permitted Development Rights with a planning application being submitted to provide a further seven larger new-build homes on top of the existing building. Notification of Prior Approval to change the use from office to residential has been given.
Martin Skinner, CEO of Inspired Asset Management and Inspired Homes, said: “Price and affordability constraints are driving buyers out of London and into affordable commuter towns. Luton and Witham are two exciting hotspots that tick a lot of boxes; excellent town centre locations, fast rail links to central London and property values that enable us to deliver micro-apartments which are affordable to first-time buyers on average salaries.”
Darius Ziatabari, Director and Co-Founder of Equinox Living, added: “This joint venture partnership brings together two companies with a similar innovative approach and mission to deliver affordably-priced, high specification homes. Between us we have vast experience in meeting the challenges of today’s market and creating a best in class product.”
