Investors sing praises of Leicester residential scheme

Can there be any better endorsement for a development than a tenant who rents and loves it so much that they want to buy there? Or tenants who consistently extend their leases? Or landlords who buy a second property because the first has been so successful?

The holy grail surely – yet all are frequent occurrences at Freemens Meadow, Leicester’s largest city centre new homes scheme which is bringing forward over 1,000 new houses and apartments on the banks of the River Soar. The scheme is so popular within the city that global property agency Knight Frank believes that this is one of the best schemes in the city for buy to let investors.

Located off Upperton Road, Freemens Meadow has become a community in its own right. Now around a third of the way through its build programme, approximately 226 homes have been sold to date and the sales team consistently receives glowing reports from tenants who enjoy the location as much as the properties themselves. As such Knight Frank reports that it is no surprise that the scheme has proved to be a ‘must-have’ buy-to-let investment with so many local and national investors.

Joanne Clarke, associate at Knight Frank’s Birmingham office said: “Freemens Meadow is the perfect example of how buy to let can work well. As the nature of the property market has changed over the last 12 months, many doubt the potential of buy-to-let, yet Freemens Meadow illustrates how the right product can still make money for the investor as well as provide a happy home for the tenant.

“Derby Infirmary, Leicester Tigers Rugby Club, Leicester City Football Club and the University alongside the city centre itself are all within a short distance and employees from all already live here. It seems many enjoy the well designed, modern new homes that provide the best of city living in a ‘greener’ environment.

“The open space akin to the communal gardens of Kensington, the waterside location and the Mediterranean architecture give Freemens Meadow a unique edge over and above its competition and appeals greatly to those looking for easy access to the city core. Freemens Meadow is proving to be consistently popular with tenants.”

Freemens Meadow, designed by London-based and award-winning architects Goddard Manton, is distinctive on both the skyline and ground level. A series of tree lined boulevards, an urban square and landscaped open spaces is surrounded by cutting edge architecture, whilst the site itself is bounded by the Grand Union Canal and the River Soar to provide stunning waterside views.

A new road bridge is currently being built over the River Soar as part of this development to reduce the travelling times to the city even further.

Divided into 19 zones, the site has planning for a total of 958 apartments and 42 townhouses. The luxury one bedroom apartments are priced from £162,500, the two bedroom apartments from £210,000 and two bedroom duplex apartments from £199,500. The site also benefits from a designated facilities manager and an on-site fitness centre, which all residents have access to. The three and four storey townhouses are priced from £285,000.

Karl Simons, Listings and Lettings Manager from lettings specialist Belvoir comments: “Demand from tenants for Freemens Meadow apartments is consistently growing both from individual tenants and from company lets.

“Clearly letting values are always provided on a plot specific basis, based on the size of the rooms and the extra benefits that come with each apartment such as parking, balconies and desirable views; yet the good design and sensible proportions of the apartments added to the fact that the vast majority of tenants extend their leases or indeed look to buy, is testament to the quality of the environment and to the investment potential for landlords.

“There is nothing like Freemens Meadow in Leicester, it is an unusual concept both architecturally and in terms of the public realm which is very green, well landscaped and well maintained. Properties are high specification with gas central heating, dishwashers, fridge freezers and washer dryers and are highly secure with key fob access and security camera’s linked to TV points.

“Most balconies are large enough to house a table and chairs so nearly all properties have outdoor space. And what’s more, its merits in terms of location speak for itself, being situated within walking distance of the city core and the Infirmary.”

Leicester was perceived to be a relatively slow starter in capturing the significant revival of other UK cities, yet Knight Frank believes this has actually proven to be the city’s greatest asset. By starting widescale regeneration a few years later, it has allowed Leicester Regeneration Company (LRC) to deliver sustainable change, rather than iconic developments on scattered pockets of land.

And, as the inward investment into Leicester continues, the central core is being re-born as a vibrant destination, shopping mecca and the perfect home for city dwellers, thereby attracting local buyers, investors and newcomers to the area. With a range of creatively designed new homes, Freemens Meadow is fulfilling this huge demand.

Freemens Meadow is close to junction 21 of the M1, giving easy access to Coventry, Birmingham and Nottingham, whilst the central Leicester train station is also close at hand.

A marketing suite is open from 11.00am to 6.00pm. For further information visit Knightfrank.com.