As COVID-19 continues to cause financial strain for many, a new scheme which saves renters from paying a large deposit up front is being introduced at the new Clayworks city centre apartments in Stoke-on-Trent.
Reposit is a nationally-recognised brand whose scheme enables tenants to rent without having to provide a large deposit upfront – with occupiers benefiting instead from only paying a non-refundable fee of one week’s rent.
Clayworks’ team hopes that it will serve to make the build-to-rent apartments, which are scheduled for completion in autumn 2020, more accessible to prospective renters.
Richard Swann of LIV Group, which handles leasing and will manage the apartments once complete, said: “Lots of people are feeling the squeeze at the minute, so we’re pleased to be introducing a way to make living at Clayworks even more cost-effective.
“Little things like this are a massive help to occupiers, which is what we’re all about – Clayworks will place resident happiness at its heart, and we’ll be doing everything we can to ensure that the people that live there feel supported and secure.”
Cllr Abi Brown, leader of Stoke-on-Trent City Council and chair of Fortior Homes said: “This is great news for those looking to take up a new living experience in the city. Clayworks is an extremely appealing option for those looking for an exciting place to live in Stoke-on-Trent and having a Reposit scheme makes it even easier for people to be able to do this.”
Rather than a traditional deposit, Reposit is positioned similarly to a ‘service charge’. The initial service charge is valid for 12 months, with tenants paying a £30 administrative charge annually if they stay in the property beyond the first 12 months.
A two-bedroom apartment in Clayworks can be rented for £750pcm. If renters were to use the Reposit scheme, this would mean they would pay upfront £173, rather than the traditional deposit amount of £865 – providing an immediate £692 saving.
Upon completion in autumn this year, Clayworks will boast a large, welcoming lobby, a postal room, cycle storage, co-working space, bookable event room with kitchen space, a roof terrace with BBQ facilities, and a private, landscaped courtyard.
It is expected that residents will be able to move in from October.
Clayworks will feature 43 studio apartments, from £495 pcm; 44 one-bedroom apartments, from £550 pcm; and 64 two-bedroom apartments, from £750pcm. The two-bedroom apartments are ideal for sharers, with equal size bedrooms, each with an en-suite bathroom, enabling city centre living to be enjoyed from as little as £375pcm per person.
LIV recently announced that its team is currently conducting virtual viewings, to ensure that renters can still look around and secure apartments at the scheme in line with social distancing measures.
Renters who would like to book a virtual tour or get more information about the development are encouraged to contact the Clayworks team on 01782 948 771, or by emailing [email protected].
The apartments are being constructed by Willmott Dixon and form part of the wider Smithfield development, which is being delivered by Genr8 Developments in partnership with Stoke-on-Trent City Council.
Fortior Homes, the council’s wholly-owned private housing company, will own and oversee the operations of Clayworks.