Several residents have questions whether a new property development in Wokingham should be marketed as an “investment opportunity”.
Wokingham borough council’s delayed Carnival Place development on Wellington Road has recently been completed.
Wokingham Today is aware of a least one investor based in southeast Asia who is investigating the opportunity.
Three separate contractors were appointed at various stages due to two companies going into liquidation. The development was originally scheduled to be completed in September 2023.
Marketing material for the project noted: “With prices starting from £290,000, these high-spec one and two-bedroom homes are ideal for first-time buyers, investors, and downsizers. Each apartment is finished to a high standard, featuring modern open-plan layouts and quality fixtures and fittings.
“With impressive rental yields, energy-efficient design, and unbeatable access to shops, leisure, and transport, Carnival Place is a rare opportunity to purchase in one of Berkshire’s most sought-after locations.”
Social media posts suggest the “investment opportunity” can provide yields of up to 5.9%.
Asked about the situation, Cllr Stephen Conway, leader of the council and executive member for housing, told Wokingham Today: “The Carnival Place development forms part of the wider regeneration of Wokingham town.
“It has 55 flats that are available for anyone to buy. There are no restrictions on who can purchase them or whether they choose to live in the property themselves or rent it out.
“It’s quite normal for some homes in developments like this to be bought by people who want to rent them out.
“That doesn’t change the fact that they’re still local homes near local amenities, whether they’re rented or owned. What matters is that they provide much-needed housing in the borough.”
Ben Gee, founder of real estate agency Hat and Home, told Wokingham Today: “The development at Carnival Place has received significant interest since launching in July, with over a third of all units now reserved.
“There are a mix of purchasers, including first-time buyers, downsizers and investors.
“This is no surprise considering the prime town centre location and easy access to the station.
“Those investing in these apartments in order to let them out play an important role in providing housing options for those unable to purchase a property, and we have received several enquiries from Wokingham residents looking to rent an apartment when they are available.”
