93 homes have been created as part of a £64 million regeneration project undertaken by St Albans City and District Council.

The flats have been created in Jubilee Square - on the corner of Victoria Street and Bricket Road - which will also include a commercial space.

The council is in the final stages of negotiating a sale of all residential properties within the development, to Watford Community Housing.

The housing association will then make 33 of the 93 flats available for social rent, to people on the council's housing register.

The remaining 60 will be available on a shared-ownership basis.

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Initially, St Albans City and District Council had planned to sell 63 flats at market rate, but the local authority now says "this deal will give young people and key workers in the district the chance to obtain a home of their own at an affordable price in an iconic location".

Cllr Chris White, leader of St Albans City and District Council, said: "I am pleased that we have been able to sell the apartments to Watford Community Housing as it is an excellent deal for our residents.

"It provides an opportunity for young people and key workers to be able to purchase some of the flats on shared ownership terms, something we were unable to do as a Council.

"The other flats will be social rent properties, which we always intended, and we will have the right to nominate the tenants.

"They will come from our housing register."

Cllr Robert Donald, chair of the council's regeneration and business committee, added: "The sale of 60 residential properties as shared ownership homes is good news especially for young people starting on lower incomes who can’t afford the full cost of purchasing these flats on day one but will pay part mortgage and part rent.

"Providing 33 socially rented flats is also good news for those who have been on the council’s waiting list, in some cases for a long time.

"And it is also good news because it makes sound business sense for us and for our residents in the current economic climate with rising interest rates, to sell all the properties to a single purchaser with a track record of professional property and social housing experience.

"Given present uncertainty about a downturn in the housing market, by selling all the flats in a single transaction we obtain a guaranteed amount for the council.

"We also avoid the risk of not obtaining the prices originally forecast on the open market and accumulating extra costs if the properties only sell slowly one by one over many months.

"This arrangement with Watford Community Housing is a win-win for the council.

"It not only gives us a guaranteed capital sum but also means 60 flats will be sold as a shared ownership scheme allowing those who could not otherwise afford to buy their own home in St Albans to do so."