Southampton: First build-to-rent scheme reaches key milestone
One of Southampton’s biggest regeneration schemes of the past decade has reached a key milestone this week. The first phase of housing at Bow Square, on the site of the city’s old fruit and vegetable market, has been completed and handed over to property manager Atlas Residential.
The first residents are starting to move in, with the finishing touches now added to the first phase of 109 homes.
Allan Gordon, managing director of National Regional Property Group, the company behind the development, said: “We are absolutely thrilled to have reached this key milestone just 18 months after the first spade went into the ground at Bow Square. Our contractors at PMC have done a fantastic job and we’re pleased to report that phases two and three are moving ahead at pace. At this rate, we’re well on-track to complete the entire development by the end of summer next year.”
The development is one of seven ‘VIP’ projects earmarked by Southampton City Council.
Simon Letts, leader of Southampton City Council, said: “I am excited by the progress made on Bow Square, the first build-to-rent scheme in Southampton which provides an additional housing opportunity in the city centre. Bow Square represents a key milestone in the development of our Master Plan.”
The £60 million Bow Square development, off Queensway, will create 84 one and 195 two-bedroom apartments, as well as close to 900 square metres of flexible commercial space. It will feature on-site gym and a residents’ lounge. The apartments are fitted with their own kitchen and dining area, big screen TV and free Wi-Fi. All apartments are pet-friendly and the building will have dedicated on-site community services, concierge staff and maintenance team.
The development is the first build-to-rent development in the city, with all apartments owned by one company for a more joined-up approach to managing the building. The homes are all available for rent, rather than for purchase, with long-term tenancy agreements on offer and prices starting from £750 per calendar month for a one-bedroom apartment.
