£58m investment

An ambitious housing project which aims to provide 395 new homes to three disused sites across Leicester has got off the ground following a £58m investment by Midland Heart and developer Westleigh Homes.

The partnership will bring much needed new homes to the area across a mix of tenures, including private sale, market rent through Cygnet Property Management, a subsidiary of Midland Heart and importantly homes for affordable rent.

The £58m investment, funded through Midland Heart Private finance with a contribution of £4.9m HCA Grant of for the affordable housing elements, will see three separate sites across the City being brought back into use. First, the former hosiery factory on Leicester’s Wolsey Island, where the iconic Wolsey chimney and water tower will be retained making way for 188 new homes.

The second and third sites at former St Mary’s Allotments on Aylestone Road and abandoned industrial land off Green Lane Road, will bring a further 125 and 82 new homes respectively.

Ruth Cooke, CEO at Midland Heart said: “In the Midlands we have a number of sites, like Wolsey Island that are in need of sensitive regeneration to bring them back in to use. It is important to us, where we are able, to invest in these sites, extending our stock and improving access to much-needed affordable housing.”