It seems from the local paper today, that a housing association has taken over the old Hotel Vic site in New Brighton and will be building the planned 41 luxury flats and will be offering them at 80% of the going rate.

Why is a Housing Association getting involved in luxury flat building?

It all seems a bit odd to me, but maybe I am just a suspicious old fool.

Because you'll be "buying" on a part-ownership leasehold; i.e. part morgage, part rent and probably a maintainance fee too.

These days it's not uncommon...

Oh ye of little faith. There's a fair few housing associations with money to spend who could make use of these sites that have stalled due to lack of funds. Makes sense to get them built.

They won't be the 'luxury' that was planned.

the company that owned the site went under and the site was sold quite cheap from what ive heard i think this can only be a good thing rather than it being half built

Well the crane that was on site was removed last week so either it has finished its job or building has ceased.

a mate of mine was security on the site and the site foreman told him the owner had done one with the deposits

...the same housing association have also purchased the old YMCA on Manor Road and intend to convert that to flats...

Hope you're right Paul - I'd heard that the building was to be demolished and bungalows built on the site. Better conversion than demolition.

Pity the Hotel Vic wasn't converted to flats