Build to Rent (BTR) continues to go from strength to strength with record levels of investment in the sector, which explains why there has been a large increase in applications for permission to develop BTR homes in the UK.
A new generation of BTR developers is creating properties that are proving popular with some tenants, as reflected by the success of Legal & General's 44-storey West Tower development in Deansgate Square, Manchester.
Property management specialist urbanbubble reports that more than half of the 44-storey, 201m high tower’s 350 apartments have been reserved since being made available towards the end of May 2019, with all 72 one-bedroom apartments now taken.
Many of the 234 two-bedroom apartments and 40 three-bedroom apartments have also been reserved. In addition, there are four penthouses, two of which are taken.
Rents, which start at £1,095 per month for a one-bedroom apartment, include access to a sports hall, tennis court, full length swimming pool, sauna, cinema, rooftop garden and bar, and business centre due for completion in May 2020.
Michael Howard, founder and managing director of urbanbubble, said: “We’re genuinely thrilled by the rental market’s fantastic response to the West Tower offer. Manchester is changing fast, attracting new economy businesses and new people to work in them.
“The outstanding demand for apartments reflects the prestigious offering of West Tower not only with its prime location, but its larger than average living spaces, excellent amenities and most importantly the dedication and passion of our on-site team.
“Unique research by our in-house data division UrbInfo shows Manchester has a stronger pipeline of residential towers than Paris and Berlin combined, with the wider city centre population forecast to grow by one third to 154,000 by 2022.
“Thanks to the new generation of residential schemes, we are certain that the BtR model will continue to thrive as developers and investors revolutionise the service proposition and facilities on offer for occupiers.”