A £60m Southampton regeneration scheme celebrated a major milestone this week as more than 100 new homes were officially handed over.
Developer National Regional Property Group handed over the keys for phase two of Bow Square – a new apartment community in the city centre – to owner Rockspring Property Investment Managers LLP (“Rockspring”), a PATRIZIA company, and their operating partner Atlas Residential.
The move has unlocked a further 102 much-needed apartment homes for renters in the city and comes after the first phase of the development with 109 homes reached full occupancy earlier this year.
Bow Square is a new development of apartments built exclusively for renters on the site of the old Fruit and Vegetable Market on the corner of Bernard Street and Queensway in Southampton City Centre. The project is classed as one of Southampton City Council’s VIP projects and has seen a previously run down area of the city completely re-born.
Eric Linden, Director at Rockspring, said: “Bow Square has been transformative for the local area; what was once a set of dilapidated warehouses is now a modern and colourful development providing hundreds of new city-centre homes. We have been very pleased with the success of the first phase and are looking forward to a completed and fully occupied community in just a few months’ time.”
Bow Square is Southampton’s first Build to Rent development, meaning the apartments are built with residents and the community in mind and are only available to rent; the entire development is managed by one on-site team, making it a far more welcoming atmosphere and enabling everyday items to be addressed quickly and efficiently.
Phase two of the development features a range of facilities for residents in addition to the 102 new apartments. A gym, yoga suite, communal garden, residents’ lounge and kitchen are among the amenities now available to people living within the community. The new building will also feature a dedicated office where Atlas’ team will be based, ready to help residents with anything they need.
Stephanie Smith from Atlas Residential said: “It’s the added extras like this, and the sense of community we’ve built, that have made Bow Square so popular. Renters are looking for much more than a roof over their heads these days and the extras we offer make a real difference.
Demand for phase two is already very high and we’re looking forward to welcoming more than 100 new residents in the coming weeks and months.”
Leader of Southampton City Council, Councillor Christopher Hammond said: “It’s great to hear that everything is on schedule with the first two phases now completed and the final phase nearing completion. The 100% occupancy rate for the completed phase one properties is testimony to the need that there is for this type of offer in the residential sector.
“Tenants don’t just get a home, they immediately become part of a community, with Bow Square being the first development of this kind in Southampton. Atlas provide a top end rental experience in a venue that offers premium lifestyle amenities, along with bespoke outdoor spaces, in a city centre location.”
PMC Construction is the building contractor on the project and currently putting the finishing touches to the 68 homes in phase three, which is due to be handed over later this year.
The completed Bow Square development will feature 279 one and two bedroom apartments.
To find out more about Bow Square visit www.bowsquare.co.uk.