Investment in 169 buy-to-let apartments in Southampton

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by Lin Freestone

In a surprising move following the decision of Wilson Bowden not to proceed with the construction of two apartment blocks in Southampton, a property investor has bought 169 apartments in a new £110m development in the city.

Delph Property Group, a privately-owned company that specialises in acquiring and letting new residential properties, believes that the lettings market in Southampton will continue to go from strength to strength.

Delph has bought 169 apartments in the 14-storey block of 219 flats being built this summer in East Park Terrace. It speculates that the high quality apartments can be let at attractive prices to business and university employees.

Set to become Southampton’s highest building, and with completion expected by the end of 2009, Delph will manage a portfolio of studio, one-and two-bedroom apartments for rental.

The remaining apartments are expected to be available for rent or shared ownership through a housing association in talks with the developer, Imperial Property.

The 14-storey apartment block is part of Imperial Property’s East Park Terrace development, which also includes a four-star, 212-bedroom SAS Radisson hotel, and 82,500 sq ft of office space.

Wilson Bowden has completed Phase One of its 200-apartment and retail project in the Ocean Village area of Southampton, with only five apartments left to sell.

Just three of the planned five blocks of flats have been built. The company is now deciding what to do with the project, and is considering the option of selling the land.