98 residential properties to be built on the park and ride site in Truro
The plans for the development on the North East side of the city have all been approved and work has already begun, but with The Duchy Of Cornwall building a mix of affordable homes and traditional residential, how will it affect Truro?
The park and ride has been open now for roughly 6 months and the Waitrose site is almost completed with it expected to open in the next couple of months. The development to the North East of Truro was always expected to have roughly 100 residential units being built and the latest plans reveal 98 units in total.
The plans lay out that the development will consist of 64 residential units split between a small number of flats and rest being 2, 3 and 4 bedroom houses. They will also be a further 20 properties for social housing and 14 units named as 'intermediate housing' (unclear what this is exactly but it normally means affordable homes).
There is no timescales for completion yet and certainly no prices that have been released, but the Duchy have said "The project will create an estimated 210 jobs and cut traffic entering the city from the east by 15 per cent. It will also encourage sustainable food production by promoting and selling Cornish food and drink." Details on how it will cut traffic congestion are unclear and of course I can see value in the 'Park & Ride' but no plans to widen the roads or change the flow of traffic have been released and all I can see is the introduction of at least another 100 vehicles on the development coming down the already clogged Tregolls Road.
This being said, Duchy have a good reputation for building a quality home and the potential investment opportunity is there to be had. I would be confident that any property bought on the development as a long term rental would be good however it is difficult to predict rental figures at this stage. The mix of social housing is my only concern as it can be a deterrent to potential quality tenants. Another large development in Truro has proven this where several units, that were set aside for traditional purchasers, have been hard to sell and so sold on as social housing.
Truro continues to grow and flourish as an expanding city and the future for the rental market continues to look good. The demand for housing stock is strong and as I comment on later in the newsletter, still outstripping supply.