Developer enters rental market after deciding not to sell properties

In a sign of the times, a developer has said that it will not sell homes in its latest scheme but let them instead.

Rushbond is converting Crispin House in Leeds into 82 apartments after buying the building last year. It has never rented out its properties before.

Jonathan Maud, managing director of Rushbond, said: “We have taken a unique approach to this project and will not be releasing the apartments for sale as we believe that the rentals market will continue to go from strength to strength over the next five to ten years.

“The building has played an important role in the history of Leeds and was previously home to several famous companies including Henry Heaton’s Clothing Company and HW Poole & Sons, Boot and Shoe Manufacturers, and the fact that it is now the city’s biggest ‘build to rent’ scheme will ensure that it continues to shine for years to come.”

Jonathan Morgan, from Leeds letting agent Morgans, which is marketing the development, said: “The fact that rental prices are not out of reach for the average earner reaffirms our belief that there will be plenty of long-term demand for these apartments.”