Date: 16 August 2013
An important development in the Bristol Harbourside area has been given a significant boost with the purchase by a leading housing association of 55 homes for market rent.
The purchase of the homes, which will be completed in autumn 2014, has given a timely kick-start to the Wapping Wharf development
The dwellings that Sovereign will acquire, a mixture of one- and two-bedroom apartments, are in Building C, which will have 27 and 28 homes respectively in two ‘cores’, all of which will have car parking spaces allocated to them.
Wapping Wharf is a major new development alongside the dockside in a prime city centre location. The site, which is being developed by Umberslade, has outline consent for almost 700 dwellings, retail space, office accommodation and a new hotel.
The first phase, which was granted planning consent in February 2013, comprises two buildings which will deliver 194 homes, along with community infrastructure and a street of retail premises.
“The purchase of these homes will help to meet a growing demand for rental properties in Bristol, with the added benefit that customers will have the assurance of knowing they are dealing with a reputable business that takes service delivery very seriously,” said James Gibson, Sovereign’s Regional Development Director.
“This purchase fits with our strategy of increasing the number of market rent properties in our portfolio in order to diversify our income streams so that we can reinvest in our core business. We have an impressive portfolio of market rent properties in the West of England, and are looking to replicate that in other key operating areas along the M4 and M5 corridors and into Oxfordshire and Hampshire.
“This has also been an important transaction for the development. Once again Sovereign’s financial strength has allowed us to give impetus to a major development by purchasing a large number of homes,” he said.
With the assistance of partners at Bristol City Council, Umberslade have been able to secure £12m in funding from the Homes and Communities Agency (HCA) as part of the Get Britain Building fund.