Stevenage flats meant to be affordable for first time buyers have £379,000 price tag

Park-Place-3

- Credit: Archant

A developer which promised a scheme for more than 200 town centre flats would offer homes at affordable prices is marketing two-bedroom flats within the development at £379,000.

Park-Place-1

- Credit: Archant

A developer which promised a scheme for more than 200 town centre flats would offer homes at affordable prices is marketing two-bedroom flats within the development at £379,000.

The online advert for these off plan two-bedroom apartments in Park Place, Stevenage, says these homes “are a perfect opportunity for a first time buyer wanting to get on the property ladder”.

Investment bank MBU Capital acquired the site in 2014 and Stevenage Borough Council approved a planning application in November for the six-storey £50 million development, which will create 202 homes, as well as retain a retail element.

On property website Rightmove, the two-bedroom flats within the development are being marketed at £310,000 to £379,000, one-bedroom flats at £210,000 to £215,000 and studio flats at £180,000 to £185,000.


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People have taken to Facebook to express their disapproval.

Matthew Simpson said: “Disgraceful pricing. Ridiculous.”

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Tracy Payne added: “Yet more overpriced flats for investors. What about affordable homes for local people?”

Clare Glenister said: “Wow, how do people afford these properties? It’s insane.”

Ajaz Ahmed, managing partner at MBU Capital, said: “We continue to believe we are fulfilling our promise of providing homes at affordable prices on the basis that similar apartments are significantly more expensive in many other areas, especially those areas allowing a short commute into central London.

“Stevenage has historically been under-marketed and undervalued and, in the case of Park Place, we’re simply following market demand and pricing apartments accordingly.

“We have had a huge wave of enquiries and offers from potential buyers. It is market dynamics that are pushing Stevenage residential prices to new levels.”

MBU Capital projects the development, which should take 18 months to complete once started in the spring, will bring £2.2 million annually in local spending.

A spokesman also said: “It will be a strong catalyst to help regenerate Stevenage town centre and further Stevenage Borough Council’s vision for an urban renaissance.”

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