OVER HALF OF APARTMENTS SOLD AT READING’S TALLEST RESIDENTIAL TOWER

Leading developer CNM Estates has announced that over 50% of apartments at their landmark new Reading development have been sold. The mixed-use development, Verto, occupies a sought-after position on King’s Road with views of the River Kennet. When complete, the 180 ft. building will be Reading’s tallest residential tower, boasting three picturesque landscaped roof gardens and breath-taking vistas of the surrounding area.

The homes in the 18-storey development will be ready for occupation by March 2019 and range from one to three-bedrooms with a select number of penthouses. Remaining apartments are priced from £270,000 and are available through joint agents Haslams and Savills.

 The impressive number of sales at Verto since its launch in Spring 2018 could be attributed to its excellent location within the town and high build quality. Sales have also been boosted by the area’s rising popularity with a range of purchasers, including first time buyers, professionals, families and investors.

With Reading’s reputation for excellent transport connections, the development has seen great popularity with first time buyers, with over half of the purchasers to date taking their first step on the property market.

Recent years have seen Reading transform into a thriving tech hub, with over 45,000 jobs within the technology sector, cumulatively creating a turnover of £12.5bn per annum. Top employers include John Lewis, Prudential, Ernst & Young and PricewaterhouseCoopers, with entertainment giant Virgin Media set to move to the town later this year. Currently, Reading sees a greater number of people commuting in for work than those who commute towards London. The opening of Crossrail in December 2019 is expected to add further impetus to an already prosperous local economy.

Reading’s popularity with house-hunters has created a significant growth in prices in the town, with a strong forecast for further increases to come. Data from estate agency Haslams reveals that global real estate investors have seen rental yields of 4.25% per annum, while town centre apartments have seen a price growth of 74% from 2013-2018, with homes selling for an average of £561 per sq. ft.

Additionally, properties within 1km of Crossrail are predicted to appreciate in value by 74-75% from 2014-2021, with Haslams predicting additional growth of 8-10% following the opening of the Elizabeth Line.

Verto offers a promising mix of proximity to the station, with easy access to nearby retail outlets and the stunning natural beauty of the River Kennet. It is also a short walk from leading grammar schools, Reading School and Kendrick School. With excellent construction quality and luxurious finishings, the development stands out as a premium investment opportunity within the flourishing property market in Reading.

Built to the highest specification, apartments will be fully-fitted with contemporary style kitchens and Bosch appliances. Kitchens in the premium apartments will have modern glass splashbacks and Siemens appliances. The homes will have hardwood oak engineered flooring and carpets in the bedrooms, with ceramic tiling and underfloor heating in bathrooms, whilst some benefit from private balconies and terraces. Verto’s residents will also benefit from a dedicated residents’ lounge on the mezzanine floor, concierge services, private parking (by separate negotiation) and bicycle storage.

Wahid Samady, Chairman at CNM Estates comments; “The thriving and growing economy in Reading has put the town at the top of the list for purchasers, both in London and the home counties. Verto has been very popular with a wide range of buyers, and I expect that the remainder of the apartments will not stay on the market for very long as it becomes the development to buy at in Reading.”

 Discussing the sales success at Verto, Mike Shearn, Head of New Homes at Haslams, comments; “It is not a surprise to see the success and great interest that buyers have taken in Verto. House-hunters will be hard-pressed to find this combination of luxury and prime location, and I expect to see apartments continue to sell with at a swift rate.”

Reading currently boasts a commute of just 28 minutes to London Paddington station, while Crossrail’s arrival in December 2019 will open up journeys to Bond Street and other destinations in under an hour, with other major destinations such as Liverpool Street and Canary Wharf just over an hour away.

Available for occupation from March 2019, Verto will provide 103 superior one, two and three-bedroom apartments and penthouses varying in size from 461 sq. ft. to 1,349 sq. ft., with prices starting from £270,000. Help to Buy is also available.

For further sales information, contact joint agents Haslams on Tel: 01189 601 010 or email: newhomes@haslams.net or visit https://haslams.net/upcoming-development/verto/