More owners of office and retail buildings will be looking to create Build-to-Rent residential schemes according to property services firm Leaders Romans Group (LRG).
Three Sixty Space, the BTR division of LRG, has seen all 60 flats at its Compass Court development in Bracknell, let faster than expected.
The former office building in The Boulevard off Cain Road was converted to homes ranging from studio flats to three-bedroom units.
Justine Edmonds, BTR business development Manager for LRG, said: “The popularity of Compass Court has demonstrated, yet again, the unprecedented demand for rental properties here in Bracknell.
“After being put on the market by the Romans branch in Bracknell, the homes were snapped up quickly leaving some would-be tenants disappointed. So we’re very pleased that there are more buildings being converted to homes to meet demand.”
Andy Jones, group director of corporate & BTR for LRG, said: “The dearth of rental properties is being felt across the country, and particularly in Berkshire where properties remain on the market for increasingly short periods of time.
“But as a former office building which has been converted for residential use, Compass Court is a good news story. For owners of commercial buildings, architects and developers it demonstrates – at a time when some commercial buildings are under-utilised – that a buoyant market exists in the residential sector and this type of property is ideal for meeting that demand.
“In the future we expect to see owners of office buildings and retailers increasingly moving into corporate lettings – as John Lewis has already done. In responding to an over-supply of commercial units and an under-supply of rental properties, there is considerable potential to convert existing buildings and in doing so to create a profitable property portfolio.”
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