Housing association Raglan Housing has exchanged contracts to purchase three floors and up to 33 flats at the new Station Corner development in the centre of Redhill.
Raglan has said it will provide a mix of one and two-bedroom balconied apartments for shared ownership, affordable rent and private rent within the development, on the site of the 1930s-built Redhill Odeon, next to the train station.
The new Station Road scheme will offer a total of 61 residential properties over seven floors. The development, which will retain the building's original Art Deco façade, will feature a convenience store on the ground floor. The housing association has said the first homes will be available next year.
It currently owns 34 properties in the Reigate and Banstead area.
Richard Stevenson, Raglan’s business development director, said: “Converting empty office buildings into much-needed affordable housing brings huge benefits to urban areas.”
He said: “It helps tackle the chronic shortage of affordable housing in towns where property is very expensive.
“It also stimulates the local economy by bringing more people into the high street, boosting local trade and commerce, and creating jobs.” Raglan Housing owns and manages more than 12,000 homes in 95 local authority areas across the South-east, South-west, Midlands and East of England. It provides a range of general needs and sheltered homes, leasehold schemes for the elderly, shared-ownership properties, supported housing, intermediate/submarket rent/keyworker properties, service occupancy and a small number of commercial units. It also houses some of the most disadvantaged and vulnerable members of the community, owns and manages a number of refuges for vulnerable women, as well as accommodation and training for homeless teenagers.
Raglan has signed an agreement with the Homes and Communities Agency to deliver 552 affordable homes by 2015. Website: www.raglan.org