More than 40 per cent of the flats in Reading’s first Build-to-Rent development have been let.
M&G Real Estate has told Thames Tap the number of units let in its new Thames Quarter scheme, since marketing began in July, is 135 out of the total 315.
Young professionals make up the majority of those moving in but M&G says that can include families and students.
Asset manager for M&G’s residential business Susie Cooney said: “We are finding that that group is way bigger than we ever imagined, especially as Reading has such a strong student demographic because of the university.
“Also, we are finding that that age group includes young parents as well and they like having other young parents living close to them for baby get-togethers and babysitting.
“We even get older people as well, anybody who enjoys a building with a community focus.”
She said community is a feature of living at Thames Quarter. The building has a private dining room and cinema, both of which can be booked out for private functions. There is a gym, exercise classes and 24-hour security. Communal areas include a roof terrace, lounge and a business lounge.
Already guests have asked for a clothing bank in the car park and more than £100,000 has been raised for charity through donations to it.
Rents for a one-bedroom flat range between £900 and £1,295 per month with two-bedroom flats at between £1,575 and £1,965. The small number of three-bedroom flats start at £2,050. Standard leases are over 12 months with a six-month break clause.
M&G believe lettings would take six to nine months although the period will cover the Christmas slowdown.
Ms Cooney added: “I think we always knew Reading was going to go well because of the scale of it and how much energy we put into it.”
See gallery below of inside Thames Quarter.
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