Birmingham PRS scheme snapped up within two weeks

STRONG demand in Birmingham city centre’s residential market has been underlined with by the successful of a new development.

All 55 purpose-designed Private Rented Sector apartments at the new One Swallow Street scheme have been let in just two weeks.

A collaboration between FleetMilne Property, Associated Architects and DTZ Investors, the contemporary studio and one bedroom apartments were designed purely with the Private Rented Sector (PRS) in mind.

The building offers tenants a choice of utility packages; something unique for the Birmingham market until now. This has seen 84% of residents opting for the ‘enhanced’ package, meaning that PRS management company Smart Living will handle all the bills associated with the property, on behalf of the tenants.

Ben Evans, managing director at FleetMilne Property and part-owner of Smart Living, said: “PRS has been heavily spoken about for a few years now however, until the launch of One Swallow Street, we were yet to see how the specifically-designed PRS model would take off in the city.

“Letting all 55 apartments in just two weeks demonstrates just how high the demand currently is for top quality rental properties in the city, and we only foresee this getting even stronger in the coming years.”

He said the peace of mind offered by such schemes was likely to drive market growth.

“In three to five years’ time, I very much believe this will be the most sought after model for renting in the city and we are working on some exciting new projects which will help service this demand,” he added.

The location of One Swallow Street just a short walk from Grand Central and New Street Station is also thought to be another factor in its success.

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