Marsdon Properties has lodged plans for 535 build-to-rent flats at Basildon Town Square.
The £234m scheme is the latest in a string of BTR developments for the Essex town centre. The BTR element assumes a net yield of 4% and a stabilised valuation of £157m.
Plans for Town Square North would see the existing 1960s three-storey building retained and reconfigured to create four blocks of up to 26 storeys.
Special purpose vehicle Basildon Estates has submitted a hybrid application of detailed plans for 289 flats on plot 1 and outline plans for a further 246 flats on plot 2.
The site is located to the east of St Martin’s Square, north of Town Square and west of East Square and has been identified within the Town Centre Regeneration Strategy as a site for housing development.
Directly below the site, Orwell Real Estate is planning 492 BTR flats at Market Square and InfraRed is developing BTR as part of its 2,800-home redevelopment at Eastgate Shopping Centre.
Nearby at Trafford House, Criterion Capital is expanding the former Ford Motor Company UK headquarters to more than triple the number of BTR flats to 324 as it grows its investment into the sector.
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