Property hunters sweet on a slice of York history will be able to experience a new era for the city’s iconic Rowntree’s Factory – as new residential development ‘The Cocoa Works’ opens its first show home.
The famous site, which was established in 1890 and played home to some of the nation’s most loved confectionery brands including KitKat, Aero, Smarties and Milkybar, is being faithfully redeveloped by Latimer, the development arm of Clarion Housing Group.
The opening of the show home is the first time the public will be able to see first-hand how the famous factory is being transformed into vital new homes.
As well as breathing new life into one of York’s most famous institutions, the development will also be notable for the high proportion of affordable homes – 30 per cent – which it will bring to the city.
Richard Cook group development director at Clarion Housing Group, said: “The Rowntree’s Factory is a truly iconic part of York’s history and it is a privilege to work on a project which will breathe new life into one of the city’s most famous institutions.
“The factory has an important legacy around social values – reflected in Joseph Rowntree’s philanthropy and the investments he made to provide school classrooms, gardens, dining halls, a gymnasium and even a lecture hall for his workers.
“As we usher in a new era at The Cocoa Works, we are committed to honouring this legacy and making sure it endures. Part of our ethos at Latimer is to deliver more for the communities in which we work – and that’s exactly what we are doing here by delivering fantastic new apartments while ensuring that a significant number of these are available to people through affordable means.”
Statistics show that that between 2019 and 2021 only 61 homes were available in York through low-cost home ownership. Through The Cocoa Works, 84 apartments will be available through shared ownership this year alone – providing prospective buyers with a route to homeownership at one of the city’s most famous locations with prices starting from £70,875 for a 35% share of a one-bedroom apartment of £202,500 full price – and a deposit of just £3,550.
According to mortgage broker Metro Finance, the average deposit for a home in Yorkshire is £23,000, and the average income of someone buying an average priced house in the county is £46,214. That exceeds the average the average salary living in York (£37,800) as well as many other parts of Yorkshire.
Jon Lord, managing director at Metro Finance, said: “If we look at average salaries for the Yorkshire region, compared to average house prices, it’s fairly clear the average person can’t purchase the average home – unless they have a huge deposit.
“That’s why shared ownership has such an important role to play in helping people buy their own home. It can make the initial deposit required much more attainable while offering people the opportunity to staircase to higher levels of ownership over time.
“The average share of ownership taken on by buyers in Yorkshire is 44 per cent but the key thing about shared ownership is the choice it offers. Buyers at The Cocoa Works can choose between taking between a 35 per cent to 75 per cent share initially before increasing their ownership over time.
“Shared ownership’s flexibility is its winning trick – it’s like the yoga of affordable home products.”
The Cocoa Works will provide 279 new homes in total, with the first residents expected to move in this summer.
Work has also begun at Cocoa Gardens, an adjacent development also being delivered by Latimer, which is located within the grounds of the former Rowntree’s Factory and will deliver a further 302 homes. 56 of these homes will be available through shared ownership and 54 through affordable rent.
For more information about The Cocoa Works – and to book a show home viewing – visit www.thecocoa-works.com
