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Creating Room on the property ladder
The offer by Downtown Living at its flagship The Room apartment scheme in Preston is one of the first of its kind in the UK.
The deal, launched today, will allow would-be buyers to enter into a lease option and pay an agreed market rent for 18 months while they save to buy their new home.
At the end of that time they can buy their apartment at today's price and get 100 per cent of the rent they have paid back to use as a deposit on purchase.
The Room, a landmark multi-million pound development on the edge of the ambitious Tithebarn regeneration project, is bringing stylish city living to Preston and is the city's best performing scheme of 2008. Off plan sales have already accounted for more than 65 per cent of the 85-apartment development.
Two show apartments have just opened on site giving purchasers the chance to view the quality of the development.
Stuart Whittle, director of Preston-based Downtown Living, believes the rent-to-buy scheme heralds a new realism in the market and the need to help first time buyers.
He said: "We want The Room to be even more successful and we believe this offer will create a lot of interest from local people trying to get their first affordable foot on the property ladder.
"People who take advantage of this scheme will be protected against falling prices and will not be paying 'dead rent'
"They can also use the rent refund as a deposit on purchase and can treat the apartment as their own home, knowing they have an option to purchase."
The deal is available on a limited number of the one and two bedroom apartments. It comes at a time when the Government has recognised the need for a package of measures to ease pressure in the housing market and help first-time buyers.
The Room Apartments is the first residential project by Downtown Living, set up by a group of Lancashire business people who saw the potential for city living in Preston.
Countrywide, estate agents for The Room, say the 65 per cent of off-plan sales are more than any other city centre scheme this year, highlighting the confidence in Preston's future and the quality of the development.
And with the building, designed to bring city living right into the heart of Preston, on course to be completed in September, its one and two bed apartments are attracting growing interest from home-buyers and investors across the North West.
The Room Apartments have been designed by architects Downs Variava, which has delivered landmark residential schemes across the North West. It is a 21st Century, high quality and contemporary building with fresh, clean lines. Most apartments at The Room will have a balcony or terracing.
Its Lawson Street location sits on the edge of the ambitious £750 million Tithebarn scheme, led by property giant Grosvenor, which will include the creation of major retail, residential and leisure facilities in the heart of the city.
Frank Bretherton, chairman of Downtown Living, said: "We have been delighted with the response to The Room so far. We believe that we have now put together an offer that will help more people enjoy their own home in a prime location.
"The Room is giving Preston a new benchmark in terms of quality apartment design and we feel we have produced modern, stylish and high quality homes that appeal to both owner occupiers and investors."
Downtown Living is based in Ribblesdale Place in the middle of the city's business district.
Preston architect and design experts Frank Whittle Partnership are acting as project managers and award-winning Lancashire-based Construction Partnership UK (CPUK) is building the development on the site of former barristers' chambers.
For more details of the rent to buy scheme and to arrange a viewing call 01772 889933 or 0845 843 7666 or log on to www.theroomapartments.com