PORTSMOUTH’S first ever build to rent scheme has been set up in Waterlooville.
The new type of rental housing, which offers long-term family-friendly tenancies, has welcomed its first residents.
The site comprises 104 homes in Berewood. It has been funded, built and is operated by Grainger plc.
Portsmouth’s first build-to rent scheme involves clusters of homes that are created by one single company and not sold individually.
The scheme mirrors garden communities that are popular with renters in North America and Europe and is available to young professionals, families and downsizers.
The team at Grainger is organising the wider regeneration of Berewood, creating a total of 2,550 homes.
The company has over 100 years’ experience in property management and is FTSE-250 listed.
Local firm Jeffries Estate Agents said the city should embrace the idea as demand for professionally managed retail accommodation currently outweighs supply.
Lisa O’Connor from Jeffries said: ‘Unlike larger cities such as Manchester and London, Portsmouth and the surrounding area hasn’t seen any build-to-rent activity, despite demand for rental properties being at an all time high.’
The site has a fully operational primary school and is surrounded by farmland.
Residents are pleased with the new opportunity to rent, as the initial 24 homes are now being filled.
Newlyweds Victoria, 40, from Portsmouth, and Mark, 49, from Havant, said: ‘We’ve had our sights set on Berewood since we heard that the new rental properties were being built.’
Sasha 29, from Waterlooville, said: ‘As a local teacher, this apartment within convenient travel distance to nearby Portsmouth was perfect for me.’