The development, known as Nursery Gardens, brings a total of 20 new homes to the Monkerton area of the city.
Nursery Gardens offers nine three-bedroom houses and four four-bedroom houses, for sale.
This is the first time the housing association has purchased land in conjunction with Halsall Homes, as a joint venture, to build new homes.
The scheme will also offer seven affordable homes for local people including five properties for social rent – comprising a wheelchair accessible one-bedroom flat, a two-bedroom flat, two two-bedroom houses, and a four-bedroom house – and two three-bedroom houses for shared ownership.
Each property will boast double glazing, high levels of insulation, and low-energy light fittings. All plots will benefit from gardens, parking, and garages.
Matt Crucefix, director of Development (South and West) at Stonewater, said: “We are delighted to be once again working with Halsall Homes and excited to be embarking on our first joint venture with them.
“Together, we’ll be creating a range of quality homes which will help meet the pressing need for affordable housing in this area, as well as enabling aspiring homewners to get their foot on the property ladder.
“The scheme will offer a varied mix of family housing, and we look forward to welcoming our first new residents by the end of this year.”
Simon Jenvey, development manager at Halsall Homes, said: “It’s great to have struck this deal with Stonewater given their prominence as a housing provider and we are both looking forward to delivering quality homes on the scheme.”
Prior to this scheme, Stonewater and Halsall Homes worked in partnership to bring other much-needed affordable housing to high demand areas, including a 15-home Rent to Buy development in Balsam Park, Wincanton.
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