Proposals for a block of 300 apartments on the outskirts of the city centre in a project taking a new approach to rentals has been welcomed by the city council.
At a pre-application hearing at the City Plans panel, developer Neighbour revealed that it would be abandoning the usual private rented sector (PRS) method of managing high rise apartments.
Instead they are looking at a ‘Build To Rent’ (BRS) scheme for the development earmarked for land between Flax Place and Richmond Street, which is currently brownfield.
The scheme focuses on longer term investment (usually via institutions such as pension fund holders) rather than gaining an initial development profit.
It allows for more emphasis to be placed on better quality and space in the dwellings - at least five per cent of which the developer has confirmed will be classes as affordable housing.
Coun Neil Walshaw said: “We have had PRS and, on both sides of the panel it is a point of interest, affordable homes. This is heartening and the way we see this industry going and I particularly like the fact this will meet space standards.”
Local member for Burmantofts and Richmond Hill, Coun Asghar Khan added: “We have got people and tenants groups and you need to go and have consultation with them. I welcome the retail but my biggest worry is parking.”
The impacts of the proposal, for 300 apartments with a retail unit and landscaping, on issues such as parking and school places, will be considered in more detail further along the planning process.
Indications show there will be 11 studio flats, 147 one bed flats, 130 two bedroomed apartments and 12 three bedroomed units over an eight to 14 storey block.