Popularity of riverside apartments demonstrates supply shortage and market opportunity
National property expert, Leaders Romans Group (LRG) recently launched 62 newly converted apartments at Dukesbridge House in central Reading. The properties, many of which overlook the River Kennett, were snapped up quickly: a further indication of the high demand and low supply in the town.
However, those unable to secure a property in the first release will be pleased to hear that a further 14 will become available from mid September.
Dukesbridge House is a former office building which has been sensitively converted to provide six studio apartments, 69 one-beds and one two-bed. A separately owned and managed gym is located on the ground floor. Unsurprisingly, Dukesbridge House has proved popular with professionals – those working both locally and in London.
Located on Duke Street in the heart of Reading, Dukesbridge House is close to the wide range of shops and other amenities. It is a short walk to Reading station, which provides excellent connections London and the west.
Commenting on the local market, Richard Chambers, Senior Lettings Manager at Romans Estate Agents in Reading said, “The popularity of Dukesbridge House has demonstrated, yet again, the unprecedented demand for rental properties here in Reading. The homes were snapped up quickly, leaving some would-be tenants disappointed. So we’re very pleased that in bringing these further 14 units to market we can help address the supply shortage.”
Andrew Jones, Group Director for Corporate Lettings & Build to Rent at Leaders Romans Group added, “The dearth of rental properties is being felt across the country, and particularly in Reading where properties remain on the market for increasingly short periods of time.
“But as a former office building which has been converted for residential use, Dukesbridge House is a good news story: for owners of commercial buildings, architects and developers it demonstrates – at a time when some commercial buildings are under-utilized – that a buoyant market exists in the residential sector, and this type of property is ideal for meeting that demand.
“In the future we expect to see owners of office buildings and retailers increasingly moving into corporate lettings – as John Lewis has already done. In responding to an over-supply of commercial units and an under-supply of rental properties, there is considerable potential to convert existing buildings and in doing so to create a profitable property portfolio.”