£69m Milton Keynes build-to-rent development announced by Urban Village Group
An office block in Milton Keynes is due to undergo a drastic renovation, being turned into a large residential apartment block.
The old AGF House on Avebury Boulevard is set to be converted into 237 high-end apartments over six floors. Behind the project are the Midlands-based real estate developers Urban Village Group.
Proposals for the build to rent development – to be renamed Westminster House - have just been submitted. They include include a range of high-spec residential units with all sorts of recreational features such as a 'communal entertainment facility', cinema, gym and workspace area. There will also be provision for secure parking.
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Urban Village Group's CEO Nick Sellman had this to say about the project: “There's a strong and growing demand for homes in the private rented sector and our Westminster House development will help to address the growing requirement in the Milton Keynes region. Currently, there are 4.5 million households in England now renting, representing 20% of the market, which has increased from 10% in 2001."
"In the next 15 to 20 years, more people are expected to rent rather than own their own homes. As the national housing shortage continues, with an average 200,000 homes built each year against a Government target of 300,000, there is significant scope for major growth in the build to rent sector.”
“We're looking forward to creating an exciting new development of high-quality homes right in the very heart of Milton Keynes’ city centre," UVG's Developments Director Graham Haydon-White adds. "We will be transforming an empty and unloved office building into a place people will really enjoy coming home to, with all the shopping and leisure facilities right on their doorstep.”
Building could begin early next year once all planning permissions and consents have been approved and signed off.
