The development, in The Cedars, will create 12 one- and two-bedroom apartments which will be offered for sale on a shared ownership basis through the Surrey-based community housing association.
Lovell, which was awarded the project through a competitive tendering process, will start work on the 35-week scheme this month.
The new flats, housed in a four-storey block, will be built on the site of a former garage complex owned by Mount Green. Homes will meet Level 3 of the Code for Sustainable Homes, the system for measuring the environmental performance of new housing and will incorporate roof-mounted solar photovoltaic panels.
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Lovell expects to create an apprenticeship training place giving a local person the opportunity to gain construction qualifications whilst working on the development.
Mount Green Housing Association's Head of Development, Mark Coates, commented: "Shared ownership is proving very popular in Surrey because of the high cost of buying a home outright and a recent scheme we completed in neighbouring Epsom sold out very quickly. People can initially purchase a share of the property, for example 30 per cent, pay a subsidised rent on the remainder and then later on they can increase their share if they wish until they own the property outright . We have worked very successfully with Lovell on previous developments and are very pleased to be working with them on this development. We would also like to thank Reigate and Banstead Borough Council and the Homes and Communities Agency for their support in helping get the scheme off the ground."
(CD/GK)
