Wavensmere Homes is transforming the former North Place car park in Cheltenham into a vibrant new community, featuring 147 homes including 19 discounted first homes aimed at local first-time buyers.
Located at Arkle Court, the development will consist of one-bedroom apartments offered at 30% below market value, priced between £182,000 and £196,000. These affordable flats are available exclusively to buyers with strong local ties, with the discount remaining attached to the property permanently, ensuring continued access for future first-time buyers.
To support affordability, 95% loan-to-value mortgages will be accessible through various banks and building societies, making it easier for eligible buyers to step onto Cheltenham’s property ladder. Prospective buyers must meet criteria including a maximum household income of £80,000 and a mortgage covering at least half of the property’s value.
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Construction began in February 2025, with phased occupation starting in summer 2026 for the terraced houses and the discounted apartments ready by summer 2027. The development is designed to complement the historic character of the area, including the nearby Grade II* listed St Margaret’s Terrace.
Donna Smith, Sales Director at Wavensmere Homes, highlights the importance of this opportunity: “We understand how challenging it can be for key workers and local professionals to buy in Cheltenham. These first homes offer the same high specifications as other apartments in Arkle Court but at a substantial discount. Due to anticipated demand, we encourage interested buyers to register promptly as applications will be processed on a first come, first served basis.”
Cheltenham Borough Council’s leader, Rowena Hay, adds: “Providing affordable, high-quality homes for first-time buyers is a priority for our community. These homes support sustainable living in the town centre and open new doors for local residents.”
This redevelopment reimagines the underused brownfield site of the former Black & White’s Coach Station, contributing to Cheltenham’s St Paul’s area renaissance. Spanning 3.5 acres, the project includes extensive landscaped open spaces and potential public art tied to the Cheltenham Paint Festival.
The site benefits from enhanced connectivity, linking Pittville Park with the Brewery Quarter and other key local hubs, promoting walkability, health, and economic growth.
Arkle Court homes are designed to be gas-free, targeting A-rated energy efficiency for houses and B-rated for apartments. Sustainable building materials and green technologies—such as air source heat pumps, solar panels, and advanced ventilation systems—further reduce the environmental impact.
This well-planned scheme offers a rare and valuable opportunity for local first-time buyers to secure quality homes in the heart of Cheltenham’s thriving community.