The first large-scale PRS development along the south coast is set to launch soon as part of the Bow Square scheme in Southampton.
The development, which is being delivered by Atlas Residential in collaboration with Rockspring Property Investment Managers LLP, will offer a host of amenities and various renting options, including long-term tenancy agreements.
“At Bow Square, we are offering tenancies of up to three years in a scheme that has the feel of a serviced hotel suite, in a great location and with superb facilities on-site,” said Eric Linden, European director at Rockspring.
The Bow Square development will feature 279 one- and two-bedroom flats, with the first 109 homes available from September 2017.
Prices for the flats at Bow Square will start at £750 per calendar month (pcm) for a one-bedroom unit, and two-bedroom homes will start from £1,050pcm. Furniture hire will cost from £80pcm.
Private landlords in the local area will take note of the fact that Bow Square will offer a ‘best in class’ rental experience by providing a host of hotel-style services, including a fully equipped residents lounge offering a communal space to meet and socialise with friends and other residents.
Additionally, there will be free communal WiFi, use of a business centre for printing and computer access, a games and TV room - also available for private hire - and a fully equipped fitness room.
Jonathon Ivory, managing director at Atlas Residential, said: “This type of rental model, known in North America as multi-family, is well established in the US and is a popular option for those wanting a home without being tied into a mortgage, or sacrificing quality and a high standard of on-site management.
“Southampton is a property hotspot and a regional market that has yet to tap into the private rental sector in this way. Bow Square is a perfect opportunity to show how the rental market is changing for the better, and how institutional landlords can deliver a quality development, with excellent customer service, and a host of amenities for residents.”