Take a first look at new apartments at Peterborough’s Bayard Plaza
More than 100 new apartments in a former office block in Peterborough have gone for sale.
The contemporary living accommodation in Bayard Plaza, in Broadway, is ideally located for anyone looking for an inner city lifestyle.
The former Peterborough City Council offices has been converted into a development of 102 modern one and two bedroom homes with residents’ gym, cinema room, full-fibre broadband and secure underground parking.
And developer The Brightfield Group has teamed up with property specialists heylo to offer a part own part rent initiative that will make just over a third of the apartments more affordable.
Called the Home Reach scheme, purchasers are expected to buy a minimum 50 per cent share of their chosen property and pay rent on the rest.
It means that buyers would require a deposit of just under £5,000 to secure a £187,500 two bedroom apartment.
The developers say they hope Home Reach will help to address a gap in the market created by recent changes to the Help to Buy scheme, which is now only for first time buyers.
According to research by Savills, which is handling the sales, 55 per cent of buyers who purchased a new build property in Peterborough have used Help to Buy – higher than the England average of 45 per cent.
Mike Green, Managing Director of Brightfield Group, said: “The figures clearly indicate a reliance on Help to Buy and therefore a need for a new way to provide affordable homes now the criteria for the scheme has changed.
“For some first time buyers Help to Buy will continue to be a vital lifeline if they want to get on to the property ladder, however there is now a significant group of people – such as those who need to move because of a change in circumstances for example – who no longer qualify but are still in need of support.
“Home Reach addresses that – making several of the apartments at Bayard Plaza more affordable for greater numbers of people, while also offering buyers more choice so they can select the support that’s right for their own individual circumstances.”
David Duignan, National Partnership Director at heylo, said: “There is a clear need for more affordable homes in Peterborough and we’re delighted to have this agreement in place with both Brightfield Group and Savills.”
Savills Sales Manager Jess O’Sullivan said: “Bayard Plaza occupies a prime position in the heart of Peterborough city centre, ideal for first time buyers, young professionals or investors.
“The development promises contemporary luxury and convenience.
“It has been designed to meet the needs of a modern lifestyle, with full-fibre broadband speeds of up to 900Mbps, a concierge service, gym, cinema room, air conditioning and secure parking.
“The central railway station is just a few minutes away, providing fast and direct routes into London, while a wide variety of cafes, restaurants and a strong retail offering – including the recently upgraded Queensgate shopping centre – is right on the doorstep.”