A show home has opened at The Cocoa Works – the 279-flat development at the former Rowntree’s factory in York.
It allows people to see first-hand how the famous factory is being turned into new homes.
Opened in 1890, the factory produced some of the nation’s most loved confectionery brands including KitKat, Aero, Smarties and Milkybar.
It is being redeveloped by Latimer, the development arm of Clarion Housing Group, under the name The Cocoa Works.
Clarion says the development has a higher than usual proportion of affordable homes – 30%. Altogether, 84 of the 279 new properties are offered through shared ownership.
People can purchase a home at this famous location with a deposit from £3,550, for a 35 per cent share of a one-bedroom apartment costing £70,875. The full price is £202,500.
That “provides prospective buyers with a route to home ownership at one of the city’s most famous locations,” says Clarion.
It comes after only 61 homes were available in York through low-cost shared ownership between 2019 and 2021, according to the developer.
Richard Cook, group development director at Clarion Housing Group, said factory founder Joseph Rowntree’s social values and philanthropy were reflected in what they were doing at the site.
“As we usher in a new era at The Cocoa Works, we are committed to honouring this legacy and making sure it endures.
“Part of our ethos at Latimer is to deliver more for the communities in which we work – and that’s exactly what we are doing here by delivering fantastic new apartments while ensuring that a significant number of these are available to people through affordable means.”
According to mortgage broker Metro Finance, the average deposit for a home in Yorkshire is £23,000, and the average income of someone buying an average priced house in the county is £46,214.
That exceeds the average the average salary living in York as well as many other parts of Yorkshire.
Jon Lord, managing director at Metro Finance, said: “Buyers at The Cocoa Works can choose between taking between a 35 per cent to 75 per cent share initially before increasing their ownership over time.”
Work has also begun at Cocoa Gardens, an adjacent development also being delivered by Latimer, which is located within the grounds of the former Rowntree’s Factory and will deliver a further 302 homes.
A total of 56 of these homes will be available through shared ownership and 54 through affordable rent.
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