Build-to-rent development for over 60s comes to market

An £11m development in Preston designed for over 60s is seeking its first tenants and is offering affordable rates.

The Watermills at Broughton Crossroads is operated by Community Gateway Association. Situated on a one acre plot, the development consists of two blocks offering a choice of luxury one- and two-bedroom apartments.

They offer independent living for those aged 60 and over, and are all finished to a high specification. But with monthly rents set at 20 per cent below the market rate, the apartments also qualify as affordable housing.

Louise Mattinson, executive director of customers and communities at Community Gateway Association said: “There’s been a definite shift in expectations in recent years, with more and more over 60s desiring upscale living, causing demand to rise steadily for high quality living accommodation that’s specifically designed for older adults.

"The Watermills addresses this demand by providing a luxurious yet affordable housing option that meets the evolving needs of this market, prioritising convenience, comfort, and a sense of community.”

Preston-based property management agency Easthams & Co has been appointed to promote the apartments.

Ed Eastham, director at Easthams & Co, said: "There’s nothing else like it in this area. As a city, Preston lags behind its neighbours in Manchester and Liverpool when it comes to build-to-rent properties generally, with just four other schemes.

“Looking at tenure data, you can see that 13 per cent of Preston households are in the social rented sector, compared with 15.5 percent in Manchester and 21.7 per cent in Liverpool. There’s a similar picture in the private rented sector too, at 13.6 per cent, 28.9 per cent and 21.2 per cent for Preston, Manchester and Liverpool respectively.

“It’s not that the need for rental accommodation isn’t there in Preston, because it is, including in the over 60 age group, it’s just that it’s better catered for elsewhere.”

Ed and brother Matt already manage two out of Preston's four build-to-rent schemes. Properties let by the pair enjoy 98 per cent positive occupancy rates, with 99.9 per cent of rents collected on time and an end-of-tenancy dispute rate of just 0.2 per cent.