Preparation work has started on a €33.7m (£30m) construction project which will deliver 139 brand new apartments for rent in the centre of Milton Keynes. The development, on a three-quarter acre site on Silbury Boulevard, will replace two previously disused buildings that were last occupied as offices and a job centre. It is expected to create around 100 jobs in the construction and supply chain sector during the 24-month building phase. The development will comprise one new building, offering a mixture of one and two-bedroom apartments across six floors. There will also be two retail units on the ground floor, occupying 418m².
Upon completion, the site will be handed over to Grainger PLC, the UK’s largest listed residential landlord with over 100 years’ expertise in the private rented sector (PRS). It will be owned by GRIP REIT – a joint venture between Grainger and APG, Europe’s biggest pension fund Asset Manager.
All the apartments are being designed specifically for rent with the customers’ needs in mind. Each unit will be finished to a high specification, featuring a stylish open plan kitchen and lounge area. The larger apartments will have a bedroom on either side of the living space, each with en-suite facilities.
In addition to the six floors of residential space will be two floors for car parking, as well as landscaped gardens and communal areas for residents to enjoy. The development will be built on reinforced concrete pad foundations, with a reinforced concrete semi-basement, located 1.5m below ground level and a steel frame construction.
Richard Madeley, land development director for United Living, said: “This is an exciting project for us as we continue to solidify our reputation as an end-to-end provider of new build homes. We’re pleased to have supported this partnership project from its early stages with our land-finding services and we’re now looking forward to working as the principal contractor on the delivery of these much-needed new homes over the next 24 months.”
United Living was recently listed in the Sunday Times Grant Thornton Top Track 250 league table which ranks Britain’s private mid-market growth companies with the biggest sales.
Keith McDougall, director with All Saints Living – part of The High Street Group of companies said: “As the build to rent, or private rented sector, continues to grow, due to demand for homes outstripping supply, we have taken this opportunity to expand our work beyond the north of the UK. Working with our partners and Milton Keynes Council, we plan to create a community with a modern village feel that will cater particularly for the needs of aspiring young professional people – helping to retain their skills and investment into the community.”
Anish Thobhani, customer operations director at Grainger plc, said: “More people are choosing to rent, often due to lifestyle choices, and by creating homes specifically for rent we can ensure they don’t need to compromise on quality, location or service. Residents can take further comfort in the fact that the management of their homes will be taken care of directly by Grainger”.