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call the estate management team: 03330 124 125

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build to rent

Discover how Centrick Property can help you with 'build to rent' PRS schemes

Build to Rent, sometimes referred to as PRS, has grown substantially in the UK in recent years and accounts for approximately 16.5% of all UK households. It is apparent that 'Build to Rent' is here to stay, growing significantly over the next few years and it is widely believed that in 15 or 20 years time, more people will rent in the UK than own their own homes.  This is largely due to the lack of affordable 'built for sale' homes.

Centrick Property has established, as part of its asset management offering, a dedicated 'Build to Rent' team.  Having already successfully delivered on several schemes including Broadway Residences in Birmingham City Centre, one of the first pure Build to Rent schemes of its scale outside London. Centrick Property now has a proven track record for delivering on 'Build to Rent' schemes, from overall property and estate management through to the succesful marketing and letting of complete unit portfolios.  

What is Build to Rent (PRS)?

In essence, new or refurbished developments where all the properties are then let and not sold and a community lifestyle is on offer.  It is not a new phenomenon in the UK. In the 1930s, particularly in central and inner London, many large scale blocks of apartments were developed specifically for rent and were owned long-term by institutional investors. 

The Government recognises the potential of Build to Rent and the lack of available housing; the promotion of home ownership in the 1980s, is now the victim of its own success with more people than ever trying to buy their own home.  However, demand for housing has outstripped supply.

In the UK it is estimated that 240,000 new houses are needed per year to cater for demand but on average we build only around half that number each year.  This has resulted in a housing shortage that has become a 'Housing Crisis' and that one of the key barriers to institutional investment in the sector has been the lack of schemes to invest in. The Government therefore introduced two financial initiatives aimed at stimulating supply: the Build to Rent Fund and the Private Rented Sector Housing Debt Guarantee Scheme, totallling £11bn.  

How can Centrick Property help?

The ‘Build to Rent’ Asset Management team offers, developers/owners investing in these private rental schemes a full solution to all their specific requirements, including:

•      Viability assessment

•      Market research

•      Development consultation - including advice on the mix of bedroom type

•      Accommodation pricing

•      Ground rent sales

•      Estate management

•      Property lettings

•      Full bespoke marketing campaigns

•      Tenancy and property management 

This allows Centrick Property to tailor their award winning service to each individual client and provide them with the property industry specific expertise, connections and assistance they require, from concept to completion.  Creating a feel of community at these developments has been key in their success, with many opting to provide additional benefits to residents. Centrick Property can advise on the mix from pricing, communal area furnishing, concierge service to other scheme benefits such as resident exclusive gyms, communal meeting areas or car sharing schemes...

 

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