As Crsipin Lofts becomes the biggest ever build-to-rent scheme in Leeds the Landmark building on the corner of North Street and New York Road could pave the way for many more developments to be built exclusively for the rentals market in the future.
Leeds based Rushbond Group has committed to building 82 apartments solely for the rentals market as part of a long-term strategy that comes hot on the heels of research that has revealed more people could be renting than buying property in 15 years time.
Independent research from ‘The Brunswick Research Project’ found that the financial crisis has tightened mortgage lending; that house prices remain uncertain; and that there are simply too few homes to meet demand resulting in there being more renters in the UK than home owners within a generation.
With a housing short-fall of 750,000 predicted by 2025, it’s essential that developers start to re-dress the balance and commit to providing attractive rental alternatives. People are renting for longer because they cannot secure a viable mortgage, or are reluctant to buy because of the uncertainty surrounding interest rates and property prices. Many tenants are staying longer in their rented properties meaning even more pressure is being put on the supply line.
Crispin Lofts is full of character, with huge windows, great views, an exceptional finish and almost every apartment will differ slightly to its neighbour. Traditionally, a development of this standard would appeal to owner occupiers rather than investors and we believe that it will surpass much of what’s currently available on the rentals market in Leeds city centre.
The building has played an important role in the history of Leeds and was previously home to several famous companies including Henry Heaton’s Clothing Company and HW Poole & Sons Boot and Shoe Manufacturers and the fact that it is now the city’s biggest ‘build to rent’ scheme will ensure that it continues to shine for years to come.
Further research from Flatsharing website Easyroommate.co.uk has also recently revealed that Leeds is one of the five most affordable cities to rent in the Yorkshire region (based on average net income vs. average rent.)
Crispin Lofts is located in Leeds city centre’s Northern Quarter which has a really vibrant community and the unique loft living space will appeal to those looking for a stunning property full of character but centrally located.
The first of the apartments in the scheme, which will include a resident’s gym, will be available from May 2012. To register interest in Crispin contact Morgans on 0113 3980098.