British housebuilder Magna Group has teamed up with Thameswey Group to deliver a new PRS scheme in Woking, Surrey.
Using permitted development rights, the pair will turn the former Elizabeth House office block – which it bought from U+I in November last year for £12.5m – into a £35m, 158-micro-flat scheme. Flats will average around 350 sq ft.
Magna chief executive Chris Madelin said: “From a business development perspective, this is a key area of growth for the Magna brand. Magna Group is committed to solving real-life housing stock challenges within the private rented sector.”
Thameswey chief operating officer Mark Rolt added: “We feel that the niche of high-quality micro apartments will add to our offer, and provide a new opportunity for people to live in Woking and support both the local and wider business economy.”
Building works on the Studio 4-designed scheme, to be known as Cornerstone, will commence mid-2017.
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