Flat sales on the rise
Adam Hewitt • Published 6 Aug 2009 09:30
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THE developers behind west Reading apartment complex Chatham Place are celebrating after a strong upturn in sales.
Buyers had been few and far between as the economy slumped and mortgages were hard to come by, but Muse Developments says there have been 35 sales in the past 11 weeks, meaning just 60 out of 211 apartment remain unsold.
Steve Woodford, from Reading sales agent Haslams, said: "Over the past couple of months, we have seen a surge of interest, not only in this scheme but also in Reading. I believe this reflects the strength of the local economy."
Many of the apartments are now occupied, and sales director David Caught said there have been 96 legal completions and that building work is finished.
Fiona Brownfoot, partner with commercial surveyors Hicks Baker, said: "The town has changed dramatically over the past decade. The opening of the Oracle in 1999 was the catalyst, and since then there has been a lot more residential developments in the town centre which means that it is no longer devoid of people once the shops and offices have closed."
Industrial buyer Amaury Audibert, originally from Lyon in France, recently bought a two-bed apartment in Chatham Place, and says he likes the building and being so close to Reading Station and the town centre.
The 28-year-old, who moved in six weeks ago, said: "I work near Oxford while my girlfriend works in south London, so Reading is the perfect location. We are also close to the countryside and some lovely villages near the River Thames, so it is a very good compromise between town and country.
"The property is of a really high standard and we're very pleased with the purchase. So far so good!"
The two residential blocks are hoped to be just phase one of the Chatham Place project. Phases two and three involve decking over the IDR and building further complexes on top of it, but work has been repeatedly delayed.
Muse says it remains the ultimate ambition and traffic orders exist to close some of the Chatham Street roundabout sliproads as part of the development when it starts - but no planning application has been submitted. Work on phase two was originally set to start in early 2008.
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