Mill Group’s Oak Portfolio now complete

Mill Group are pleased to announce that on December 11th 2015, they have completed on the final phase of their newly built PRS Property Portfolio as part of their joint venture deal with Bovis Homes with funding from the HCA’s Build to Rent Fund.

The completed Oak Portfolio consists of 177 new build-to-rent homes; 97 houses and 80 apartments across 5 locations; Cambridge, Bristol, Gloucester, Southampton and Horsham and has been purchased in 7 phases since 30 April 2014. The portfolio has so far rented very well to its target demographic of young professionals and families looking for good quality rental homes. Mill Group data analysis shows a 97% occupancy being achieved as at 20th November 2015, with 42% of tenants recently surveyed, indicating they would prefer to stay renting our properties in excess of 12 months potentially up to 4 years. Mill Group continue to encourage longer term tenancies with pre-agreed annual rental increases following an initial 6 or 12-month term as they offer both stability for tenants and continuity of income from investors.

A recent tenant satisfaction survey carried out by Mill Group earlier this year resulted in the following feedback:

  • 98% of tenants would recommend the Oak Partnership to a friend or colleague, with the remaining 2% unsure.
  • 96% of tenants were satisfied with the property they were renting; with 77% being very satisfied.

The geographical location of the Mill Group Portfolio has been strategically analysed through our in-house UK data ‘Hotspot’ highlighting favourable demographics, economics and local infrastructure. For further information, please contact Marie Cooper or Paul Thorsen at Mill Group.   

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