Overview
- Updated On:
- September 24, 2025
Description
Project Overview
This project began with the purchase of an unmodernised bungalow on a large plot in Reading, acquired under an SPV named LX3 Investments Ltd. The plan was to redevelop the site in alignment with our build-to-rent strategy, which targets areas with high rental demand from professionals and young families. Planning permission was secured to demolish the bungalow and build a new block of eight apartments. The location, strong rental demand, and scale of the site made this an ideal opportunity for a long-term rental asset.
Our Transformation Process
The redevelopment faced a number of early-stage hurdles, including challenges in securing funding due to market uncertainty during the Brexit period. Planning gain was achieved, but the high community infrastructure levy and rising contractor costs put pressure on feasibility. Despite these difficulties, we successfully broke ground and delivered a modern, high-quality apartment block. As first-time ground-up developers, the learning curve was steep, but the outcome was a well-executed, fully compliant, purpose-built rental block.
Key Features & Highlights
- Eight newly built self-contained apartments
- Designed to maximise light, space, and modern functionality
- Strong alignment with local rental demand in Reading
- Located on a generous plot in a sought-after area
- Open-plan layouts and high-quality finishes throughout
- Developed under a dedicated SPV for long-term hold strategy
- Principal and Interest
- Property Tax
- HOA fee
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