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Build-To-Rent Projects ‘Gaining Interest & Support’
Build-to-rent blocks of flats – where purpose-built high-rises are constructed purely for rental purposes, never for sale – appear to be of increasing interest here in the UK. The concept is a popular one in places like France, Germany and the US but has only really started gaining traction here in recent times.
Speaking to the Guardian, chief executive of construction company Quintain Angus Dodd described built-to-rent properties as a potential “big solution” to the country’s housing solution.
Quintain itself is responsible for the biggest build-to-rent project in the UK, a 7,600-home development in Wembley Park that will also include 5,000 purpose-built rental homes. When the development is finished by the end of 2025, around 15,000 people are predicted to be living and working on the site.
A third of the block has already been completed, with around 16 per cent of the current tenants workers like soldiers, teachers, nurses and police officers.
Quintain has admitted that some tenants will be paying top dollar for the lifestyle, but 32 per cent of the planned homes at the Wembley Park site will be affordable – higher than at many other developments in London.
According to the British Property Federation, there are 83,650 build-to-rent units either planned around the country or already completed. London itself has a total of 47,238 units, with a further 27,480 with planning in place. Outside the capital, there are 36,412 units, with 11,173 under construction, 5,612 completed and 19,629 with planning permission.
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