Osmaston Community Association of Residents (OSCAR) was formed by local residents in January 2011 to help regenerate their neighbourhood following the closure and demolition of several large factory sites formerly occupied by Rolls Royce.
Residents established OSCAR after the council-led regeneration scheme stalled. The group ensured that local residents themselves led the new regeneration scheme and that their views were at the heart of all the decisions made about the area.
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The announcement of the £1.08 investment from the Homes and Communities Agency (HCA) signifies 12 months of hard work by the residents to provide new homes on the 'Elton Road Quadrant' site.
The development will create 80 new properties for the area, including 40 affordable rented properties that will be owned by OSCAR. The project will be one of the largest community-led schemes in the country.
The scheme has been approved by Derby City Council's Cabinet so land will be transferred to OSCAR on a 125 year long lease at a peppercorn rent. There is also an option for OSCAR to purchase the freehold in 30 years' time, once they have repaid the council the additional low-cost loan to build the new homes.
Derby City Council has also committed to pay towards remedial work to the site in preparation for the development and OSCAR will now be working with developers to submit their planning permission for the scheme by December 2012 as well as registering as a housing provider themselves.
OSCAR aim to start work on site in April 2013 and complete the first phase of the development by February 2014 and the second phase in June 2014.
(CD)
