Three Sixty Space, a division of Leaders Romans Group (LRG), recently launched 60 newly converted apartments at Compass Court in Bracknell. The properties were snapped up quickly: an indication of the high demand and low supply in the town.
Compass Court is a former office building which has been sensitively converted to provide homes ranging from studios to three bedroom properties. Unsurprisingly, Compass Court has proved popular with professionals – those working both locally, in Reading and commuting to London.
Located on The Boulevard, just off Cain Road west of Bracknell, Compass Court is a on a fast bus route to Bracknell station.
Commenting on the local market, Justine Edmonds, BTR Business Development Manager (LRG) said, “The popularity of Compass Court has demonstrated, yet again, the unprecedented demand for rental properties here in Bracknell. After being put on the market by the Romans branch in Bracknell, the homes were snapped up quickly leaving some would-be tenants disappointed. So we’re very pleased that there are more buildings being converted to homes to meet demand.”
Andy Jones, Group Director of Corporate & BTR at Leaders Romans Group (LRG) added, “The dearth of rental properties is being felt across the country, and particularly in Berkshire 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, Compass Court 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.”