Major plans to convert a Buckinghamshire office block into a Build to Rent development has been confirmed by the Urban Village Group – a real estate developer, investor and asset management group. The £69m Westminster House Build to Rent development will see the conversion of the former AGF House at Avebury Boulevard, in Milton Keynes’ city centre. Proposals have been submitted to Milton Keynes Council and construction could start in early 2022 subject to achieving planning consent.
Westminster House will deliver 237 Build to Rent apartments over six floors. Amenities include a residents’ gym, cinema, communal entertainment facility and work spaces. The scheme also includes the provision of residents secure parking and CCTV security.
“We are looking forward to creating an exciting new development of high quality homes right in the very heart of Milton Keynes’ city centre. We will be transforming an empty and unloved office building into a place people will really enjoy coming home to, with all the shopping and leisure facilities right on their doorstep.”Graham Haydon-White, Developments Director, Urban Village Group
The development is located in the heart of Milton Keynes, close to the Central Shopping Centre with its retail, leisure and restaurants a short walk away. Milton Keynes Central overground train station is an eight minute walk, and provides direct services to London Euston within 33 minutes.
“There is a strong and growing demand for homes in the private rented sector and our Westminster House development will help to address the growing requirement in the Milton Keynes region.
“Currently, there are 4.5 million households in England now renting, representing 20% of the market, which has increased from 10% in 2001. In the next 15 to 20 years, more people are expected to rent rather than own their own homes. As the national housing shortage continues, with an average 200,000 homes built each year against a Government target of 300,000, there is significant scope for major growth in the Build to Rent sector.”Nick Sellman, Chief Executive Officer, Urban Village Group