PRS – Godwin Developments Leading the Way in the Regions
Godwin Developments, Group Land Director, Stephen Pratt recently had an article published in the latest issue of Loft Magazine on how Godwin have led the way on PRS with a number of developments throughout the region. Read the full article below.
The Private Rented Sector (PRS) market continues to grow within the UK. In the current economic climate, many are opting to privately rent – whether they are young professionals, families, or those looking for city living.
As well as rising house prices in comparison to the national average income, it is becoming increasingly more difficult for first-time buyers to get onto the property ladder. According to research from the Government, the percentage of 25–34-year-olds now living in private rental properties has grown from 24% to 46% in the last ten years.
BUILDING THE PRS SECTOR
In recent months, Godwin Developments have secured several sites across the UK to build the sector. We have submitted planning to build the tallest building in the heart of Derby city centre. Situated on Phoenix Street, this 17-storey development of 200 units will bring much-needed accommodation to the growing city. Derby now has the 3rd fastest-growing economy in the UK – positioning them behind Aberdeen and Cambridge.
We expect not only young professionals, but also families, to be attracted to this scheme.
As a result of recent developments, Godwin currently have over 1,100 units in design, planning and construction for the PRS market in cities such as Liverpool, Manchester, Leicester, Peterborough and Worcester. This gives us a unique insight into regional challenges and opportunities.
Working on PRS sites in the Midlands is challenging; capital values in these areas are lower than central London and Manchester, yet build costs are increasing. The key to making the sites work is controlling the design. Godwin employ the very best consultants to ensure that all schemes are viable when they achieve planning.
Height can be also be an issue that needs to be controlled through the planning process. In some cases councils have requested the construction of tower buildings, but there is a limit to how many storeys that can be built before they become unviable in certain locations.
Godwin have also worked on projects where landowners have obtained planning for schemes which cannot be built with today’s increasing build prices. They have simply gained a consent at any cost. Funds are also looking for value, so the key to making sites work in these regions is keeping a tight control on planning and design.
We have built good working relationships with several well-known PRS funds and institutions who trust us to deliver sites in areas where capital values are challenging. Creating and building specifications which work in these cities is key, and Godwin have shown real determination and attention to detail in making sure the design matches the local market conditions.
Our team pride themselves on having a good reputation for professionalism, quality and delivery. This has resulted in various PRS funds seeking Godwin to deliver their pipeline during 2018/19.
Published: Loft Magazine, Volume 3