Three plots of land are to be sold by Bolton Council at more than £2M below market value to enable affordable homes to be built. Last week, the authority agreed to sell land assets they own to two social housing providers, Bolton at Home and Great Places, who plan to build 160 homes.
The brownfield grant relating to the Cotton Street development is £405,000 and for the Roxalina Street site £1.18M. This funding is required to be spent by April 2024 otherwise it will be removed and re-allocated to another part of Greater Manchester.READ MORE: A small piece of Mancunian history could return to its Northern Quarter home
For the Cotton Street plot Great Places have offered £270,000, which is £330,000 less than market value figure of £600,000. The report said: “Land sold to registered providers of affordable homes generally has a land value of circa 20 per cent less than that what can be obtained on the open market.” The report also gave descriptions of the types of housing planned for the three sites. At Eskrick Street it would be mixture of two, three and four bed houses and apartments. Roxalina Street have a mix of one, two, three and four bed houses and apartments with some provision for people aged over 55 and some homes accessible for people with physical disabilities.