An increasing number of contemporary new developments are being surreptitiously smuggled into Bath’s renowned Georgian architecture. Whilst a staggering 14% of buildings in Bath have listed status, well above the national average of 6%, developers have pinpointed certain areas of the city as ripe for a contemporary makeover – something that has gone down very well with both tenants and investors.
The latest addition to the city has seen Red Earth Developments rejuvenate twenty four studio, one and two bedroom apartments with allocated parking in the Lansdown area of Bath. Whilst these apartments do not reflect the traditional period splendour that one has come to expect from property in Bath, their modern and practical finishes have proved popular with tenants, especially with young professionals. At the time of writing, Reside has let six of these apartments for investment landlords, taking an average of just nine days to find each new tenant.
Reside has let apartments in several of Bath’s most recent developments such as Norfolk Court and Ladymead House, and a distinct pattern has emerged. For all the stunning architecture, high ceilings and period features that exist in Bath, there are a wealth of house hunters who are happy to eschew Georgian splendour. Some tenants, it seems, prefer contemporary comforts over classical cornices. Despite the differences between these two developments – one is a Bath Stone-clad new build with a stylish metallic upper tier, the other a Georgian building formerly used as sheltered accommodation for the elderly – they both boast stunning contemporary interiors with integrated appliances under warranty, granite work surfaces and wiring for satellite television and high-speed broadband. All of these factors make moving such an easy transition for new tenants, who have to act quickly to secure such a property. Our most recent Ladymead House apartment was bagged by a tenant before we could even begin to market it.
These new developments have also proved to be a popular way into the market for first time investors. Typically consisting of practical, stylish and high spec apartments, they are targeted towards the more affordable end of the investment property ladder, and come with long warranties which would provide any landlord, no matter how experienced, with peace of mind. At The Coachworks on London Road, Bath’s newest development, as little as £99,000 buys an investor an exclusive and modern apartment with instant access to the city centre. Based on our previous experiences with similar developments, such an apartment would come with strong tenant appeal and would be likely to let very quickly.
Bath is a city renowned worldwide for its stunning Georgian architecture, something for which many tenants specifically move to the city. For investors and certain tenants, however, contemporary and practical properties are becoming increasingly appealing.
If you are a landlord and wish to speak to us concerning your property, new or old, please do not hesitate to contact us.