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Investment Strategy

Southway Housing Trust’s principal activities are the management, maintenance and development
of housing, and the provision of related community services.

  Having achieved one of its primary post transfer objectives, to bring properties up to the Southway
  Improvement Standard (which incorporated the Government’s Decent Homes Standard), the Trust
  has expanded the scope of investment to cover 4 areas:

! Investing in New Homes
! Investing in the Housing Stock
! Investing in the Environment
! Investing in Communities

  These activities are summarised below.

Investing in New Homes

Southway began its development and acquisition programme in 2012. In the three and a half
years to March 2016 the Trust has delivered 121 new homes at a cost of just under £15m,
receiving grant support of £1.7m.

Property Acquisitions   HoHmomeses  CoCsot s(£t k(£) k)  GraGnrta(n£tk()£k)
Mortgage Rescue              46          5,692                   472
New Development               66            651                  329
Total                        69          8,147                   930
                            121         14,490                  1,731

During 2015/16 two development projects were completed: 12 new 1 bedroom flats at White Swan
Court in Ladybarn and 15 new 1 bed flats and 3 refurbished bungalows at Westbrook Close in Old
Moat, Withington.

The Westbrook project arose as part of Southway’s commitment to make Old Moat an age friendly
neighbourhood. The Trust identified that 6 bungalows experienced lower demand than the
remaining stock due to it being landlocked and not being appropriate accommodation for its
intended older residents. These and 2 other properties were demolished to enable the site to be
redeveloped with 18 homes to better meet the housing needs of older people.

A major refurbishment project of a sheltered housing block, Holland Court in Chorlton, was also
completed in the last year. This involved the conversion of 19 bed sits (which had previously been
difficult to let) into 21 refurbished 1 bed flats alongside a newly refurbished community area.

At the year end a further 40 homes with grant support of £0.8m were in the course of construction.

Nine apprentices were engaged on site as part of the new build development programme during
the year, achieving the target of two trainees per £1m of spend. Five apprentices were tenants
and four members of the local community.

In Southway’s core area, the development programme seeks to maximise land that is currently
under-developed to both regenerate local neighbourhoods and provide homes to those in greatest

Southway Housing Trust              2015 - 16 Annual Accounts 10
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