New apartment block is completed in Central Milton Keynes - with 306 flats costing between £1,300 and £2,300 a month

The new office-to-residential development is in Silbury Boulevard, Central Milton KeynesThe new office-to-residential development is in Silbury Boulevard, Central Milton Keynes
The new office-to-residential development is in Silbury Boulevard, Central Milton Keynes
An £80m scheme to convert former tax offices into a luxury apartment block has this week completed in the city centre.

On offer are 306 apartments, all of designed for rental only, with rents of between £1,310 and £2,300 per,month.

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However, 43 of the flats will be made available by the owners, Pension Insurance Corporation plc (PIC), at a discount in order to fulfil the “affordable housing” criteria.

The discounted prices start from £1,040 per month.

The new Arbour development consists of 306 flats in the heart of CMKThe new Arbour development consists of 306 flats in the heart of CMK
The new Arbour development consists of 306 flats in the heart of CMK

PIC, which deals in defined benefit pension funds, says it will use the rental cashflows from the new development, which is known as Arbour, to help underpin the company’s future pension payment obligations to its policyholders.

The 14-storey former office block, formerly known as Bowback House, was used by HMRC until 2017, when the government announced the centre would close.

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PIC purchased the build and appointed HG Living, a specialist developer of Build-to-Rent homes, to develop it.

It will form part of PIC’s wider investment in UK housing and infrastructure, which totals over £13 billion to date and includes more than £3 billion in social housing.

All the Arbour homes are described as highly energy efficient homes and incorporate a range of clean energy technologies, including air source heat pumps and solar panels.

Unusually, some of the apartments are pet friendly.

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They are now available for rent, and those wishing to register their interest can do so at Rightmove.co.uk and Arbour’s official site. Studio apartments cost from £1,310 per month, while one-beds are from £1,420. A two-bedroom flat is around £1,850 and a three-bed is £2,300.

To book a viewing, contact Savills on 07974 284 772.

Steve Hollands, who is the head of Build-to-Rent Acquisitions at Pension Insurance Corporation, said: “Arbour aspires to set a new benchmark for rental living within the city, including over an acre of green spaces and an exceptional amenity offering for the exclusive use of its residents including a gym, concierge, co-working space and lounge.”

He added: “PIC continues to actively seek to invest in the living sector in order to deliver much needed housing accommodation across the UK.”

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