Palace Green Homes has started work on refurbishing 92 former MoD homes, in a desirable residential location adjacent to the Princess of Wales Hospital, Ely.
Properties, which have been vacant for more than two years, will be individually updated and upgraded. The first phase will include 12 refurbished homes and 6 private rentals. The project has been supported by the Cambridgeshire and Peterborough Combined Authority, who provided funding of £24.4 million. East Cambridgeshire District Council granted an additional loan of £1.5 million.
As a local developer with a strong community focus, Palace Green Homes understand that Ely’s fast-paced property sector can place a strain on arranging the necessary finances to secure a home close to amenities and services. East Cambridgeshire enjoys a relatively affluent socio-economic profile, placing pressure on housing in a region where demand for new homes continues to outstrip supply. Kilkenny Avenue benefits from Ely’s road and rail connections with the train station an important interchange point between Cambridge and London – and beyond.
“The people of Ely need family housing close to transport links, amenities and the City services and we are excited to be working on a project that will bring these neglected buildings back to life, said Head of Property at Palace Green Homes, Philip Rose.
“The location, on the edge of the city, provides good transport links with Cambridge and London and is close to schools and services. And with refurbishment well underway we expect our first release of homes will be in October of this year,”
Ely is renowned for its medieval cobblestone streets, grand 12th century Cathedral and a string of pretty riverside restaurants and gardens. Little wonder Ely is regularly praised for packing a lot of charm and character into its compact size.
Palace Green Homes will deliver the first phase of Kilkenny Avenue in October 2019. The project is expected to take two years to fully complete in a several phases that include 15 shared ownership affordable homes in phase 2 . Property sizes range from 2-bedroom to 4-bedroom on the development, which will also include enhanced landscaping and improved parking.