Derby Homes, in partnership with Derwent Community Team, has completed on the purchase of five apartments in the heart of Derby which will be offered at affordable rents to single people and childless couples

Derby Homes becomes first ALMO to own property

Derby Homes, in partnership with Derwent Community Team, has completed on the purchase of five apartments in the heart of Derby which will be offered at affordable rents to single people and childless couples.  Green Hill Apartments, which are located in a converted Victorian building on Green Lane, were renovated by local people from the Derwent area as part of a training project by Derwent Builds, which was funded by Derwent Community Team and the European Social Fund.

“The properties have been totally refurbished and are fully fitted with appliances,” said Shaun Bennett, Director of Regeneration and Investment at Derby Homes.  “Four of the apartments will be for couples, and one will be for a single person.  We’re particularly pleased to be taking possession of properties that have been converted by local trainees.”

The renovation project was managed by local firm Derwent Builds Limited, supported by Derby Homes.  It gave trainees a chance to work alongside construction professionals and local contractors to develop their skills, gain work experience and achieve vocational qualifications. 

On completion of the renovation, Derwent Community Team agreed to grant Derby Homes and Derby City Council the money to buy the freehold of the building and rent the apartments to working couples or single people.  The income from the rental of the apartments will be returned to Derwent Community Team to develop and sustain projects within the area. 

Peter Ballard, Chairman of the Derwent Community Team management board said: “Our research has shown there is a severe shortage of this type of property in the Derwent area. The purchase will help fill that gap and provide long term funding and benefits for residents in the Derwent area.”

Derby Homes’ Chief Executive, Phil Davies commented: “This purchase makes Derby Homes the first arms length management organisation (ALMO) in the country to own property. This, together with our £5m new build programme, are extremely positive developments that will help secure the long term future of Derby Homes.”