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£100m extra care project in Stoke reaches financial close

£100m extra care project in Stoke reaches financial close

Trowers & Hamlins is delighted to announce that that Stoke-on-Trent City Council and the Sapphire consortium have reached financial close on a project to build 390 extra care apartments across three sites in Stoke.  Trowers & Hamlins has advised Your Housing Group, a member of the Sapphire consortium, on this project since the consortium made its initial bid to deliver the scheme.

Stoke-on-Trent City Council revealed in January 2014 that it had chosen Sapphire – a consortium of made up of Your Housing Group, Eric Wright Group and Kajima Partnership Limited – to build the extra care apartments.  Now that the project has reached financial close, construction on the three extra care villages, situated in Blurton, Abbey Hulton and Chell, will begin imminently.  They are due to complete in 2016 and will be fully occupied by 2017.

The villages will be used by people aged over 55 and will offer spacious apartments within a community setting, with facilities on site and conveniently located transport links.

Suzanne Benson, Manchester-based housing and regeneration partner at Trowers & Hamlins who advised Your Housing Group, commented:  "It has been a pleasure working with Your Housing Group on this important scheme.  This project is the biggest of its kind ever to be developed in Stoke-on-Trent, and the villages created will provide much-needed, high quality accommodation for older people."

Your Housing Group will manage the 390 one and two-bedroom extra care apartments once they are completed, adding to its substantial portfolio of apartments for the over 55s across the North West and the Midlands.

Stephen Haigh, Executive Director of Growth at Your Housing Group, said: “I am very pleased that Sapphire has now reached financial close and that the construction of these much needed extra care apartments can begin.  Your Housing Group prides itself on being one of the industry leaders of providing extra care; we manage other similar schemes already and look forward to bringing our expertise to Stoke-on-Trent.  We want to thank Trowers & Hamlins for all of their help in finalising this deal."