Build-to-Rent and Conversions
Build-to-Rent and Conversions:
Build-to-Rent is a a distinct asset class within the private rented sector. These developments are either conversions or are built from new and specifically built to rent rather than sell. The spectrum of Build-to-Rent is diverse and offers private rented accommodation from entry-level housing through to luxury high-end apartments.
These building projects are defined as Build-to-Rent within the governments 'National Planning Policy Framework' in order to simplify its treatment within the planning system.
Barriers to purchasing means the UK continues on its path to eventually having more people renting rather than owning their own home. Build-to-Rent offers managed rental accommodation that is now specific to the needs of the UK market.
AB1 Developments sourced and secured two high-profile locations. Both sites required phase one conversions to 'residential use' before successfully completing a phase two Build-to-Rent.
It is challenging to find land or sites suitable for conversion. This is a point recognised by property companies and financial institutions who see successful Build-to-Rent developments as representing excellent investment opportunities. Build-to-Rent will continue to gain significant traction within the UK market as these developments yield both an income and deliver long-term asset growth.
AB1 Developments Ltd has been the building contractor for two conversions that were specifically undertaken and built for long-term rental rather than selling.
200 Kingston Road, Portsmouth, Hampshire, PO2 7LR
Development of two 2-bed & two 1-bed apartments plus A1 Shop/Office.
[Built under planning permission given by Portsmouth City Council]
Forest Grove House, 101A London Road, Cowplain, Waterlooville, Hampshire, PO8 8BX
Development of ten exclusive luxury two & one bedroom apartments.
[Built under planning permission given by Havant Borough Council]
200 Kingston Road received building regulations final certification on 8th June 2017 and Forest Grove House on 9th October 2018.
Shirlaw Homes Ltd purchased 200 Kingston Road on 15th March 2018 and then Forest Grove House on 25th January 2019. Both developments remain in the portfolio of Shirlaw Homes Ltd as long-term investments.
All the apartments are much sought-after and continually attract tenants from the target demographic. Both developments are significant within their respective locations for their design features and for the concept of all the apartments being exclusively for rent.