Buy three quarters of a home

By Andrea Watson
Posted: 2007/11/23

A REDUNDANT west London factory is being transformed into a new community.

Factory Quarter will include 453 homes besides offices, a café and shops on the site of the former Prestolite Factory near Turnham Green Tube station.

There will also be a crèche, landscaped grounds and play areas.

Genesishomes offers a range of different schemes to assist people trying to get on the housing ladder.

These include:Your Place: A three per cent stake in properties is offered to those renting homes at Factory Quarter after a three-year occupancy, subject to residents having met the terms of their tenancy.

After receiving this initial stake, residents will be able to buy additional stakes up to nine per cent.

Social HomeBuy: This Government-backed scheme allows customers to buy from 25 per cent of the property value.

New Build HomeBuy: Customers can buy from 25 per cent up to 75 per cent of the property value. The part-buy/part-rent schemes will apply to 184 units. More than 100 apartments will be available for rent.

Steve Coleman, director of development at parent company Genesis Housing Group, said: "This is a groundbreaking project. Not only are we in charge of overall sales and rentals, but we will be managing the site, so we are very much looking at the long-term development of a viable mixed-use, mixed-tenure community."

INFORMATION:
0844 800 2864/www. factoryquarter. co. uk