Demand for homes in Slough’s Horlicks Quarter has pushed rents up to levels normally seen in Windsor.
Savills, which manages rentals on behalf of several investors who have bought some of the 1,300 homes in the scheme, has reported two-bedroom furnished homes with car parking are achieving up to £1,700 per month and one-bedroom apartments up to £1,300 per month.
The first release of one and two-bedroom homes in the scheme was brought to the sales market earlier this year, attracting interest from a mix of owner-occupiers and investors.
Gordon Hood, head of Savills’ lettings team for the Home Counties said: “Horlicks Quarter has been a game-changer for the rental market in Slough, which is incredibly well-connected but not a location previously considered by many tenants.
“The turnaround in such a short space of time has been phenomenal with tenants snapping up the opportunity to live in a high-quality development that is just a short walk to the station and only 15 minutes into London Paddington. Forward-thinking investors are reporting yields of up to 5.5 per cent as a result.”
Tenants are largely international relocators, including employees of global firms and those moving out of London, according to Savills which believes availability may become limited. Crossrail and the increasing national and international awareness of the Horlicks Quarter have driven sales.
Mr Hood went on: “Darjeeling House, which was the first release, is now almost fully occupied, and we have already had interest in the next release at Artesian House. Crossrail will inevitably boost interest further still and therefore I wouldn’t be surprised to see prices push beyond comparables in Windsor which is quite incredible.”
Alexa Peters, head of residential development sales for Savills Reading, who is marketing the homes for sale, said: “The scheme has attracted considerable interest from investors and owner-occupiers alike, with both groups appreciating the capital growth potential of purchasing within such a significant scheme – and the opportunity to get in at the forefront of the town’s regeneration.”
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