A new housing development is set to transform a former Cheltenham car park into 147 modern homes, including 19 discounted flats exclusively for local first-time buyers.
Wavensmere Homes, in partnership with Cheltenham Borough Council, is delivering the Arkle Court project on the former North Place car park site. Among the 147 homes, 19 one-bedroom apartments will be offered at a 30% discount off the market value, with prices ranging between £182,000 and £196,000.
To make these homes more accessible, buyers will have the option of 95% loan-to-value mortgages from various banks and building societies. Notably, the discount will remain with the property in perpetuity, ensuring future first-time buyers can also benefit from affordable pricing.
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Construction began in February 2025, with Wavensmere Homes and Montane Partners working to blend the new development sensitively into the neighbourhood, including preserving the character of the adjacent Grade II* listed St Margaret’s Terrace.
Donna Smith, Sales Director at Wavensmere Homes, shared: “The 19 discounted apartments will be ready for occupancy by summer 2027. We expect high interest, so early registration is encouraged as applications will be handled on a first-come, first-served basis. These homes provide an invaluable opportunity for local key workers and professionals to live in central Cheltenham at an affordable price without compromising on quality.”
Applicants must have a strong local connection to Cheltenham and meet the maximum household income threshold of £80,000. A mortgage covering at least 50% of the property value is required, and these homes are privately owned with no housing association involvement.
Arkle Court’s phased construction will see terraced houses available from summer 2026. The discounted flats range from 415 to 487 square feet and maintain the same high specification as other units in the development.
Cheltenham Borough Council leader Rowena Hay emphasized the importance of this initiative: “Providing affordable, high-quality homes for first-time buyers strengthens our community and supports sustainable living in the heart of Cheltenham. These new apartments offer excellent value and a genuine chance to get on the property ladder.”
This brownfield regeneration project revitalizes the underused former Black & White’s Coach Station site into a vibrant residential area with energy-efficient homes. Spanning 3.5 acres, the development features landscaped open spaces and plans for a public art installation linked with the Cheltenham Paint Festival.
Located less than half a mile from Cheltenham’s historic town centre, Arkle Court enhances connectivity by linking Pittville Park, the Brewery Quarter, and other key local amenities. The design prioritizes walkability, sustainable travel, and energy efficiency, with homes built to gas-free specifications targeting A-rated energy performance for townhouses and B rating for apartments.
Wavensmere Homes incorporates local materials and advanced energy-saving technologies such as air source heat pumps, solar PV panels, and mechanical ventilation with heat recovery, contributing to reduced carbon emissions.
Arkle Court stands as a milestone development, offering a unique chance for Cheltenham residents to access affordable, sustainable homes right in the town centre.