SO.GO TOPS OUT! - 17th September 2003

The Black Country’s flagship city living scheme at Merry Hill is nearing completion with the roof going up on the first phase of Selbourne Homes’ stylish SO.GO development.

Seventy per cent of the 110 one and two-bedroom apartments, three storey townhouses and penthouses have already been sold off plan to first time buyers and investors

The first phase is due for completion at the end of October when the showhome will be available.

Gavin Warr, managing director of Selbourne Homes expressed his delight at the SO.GO success. He said: “Interest in SO.GO has been phenomenal. First time buyers and investors are attracted to the urban lifestyle if offers and the convenience of shops, restaurants, bars and leisure facilities on the doorstep.”

SO.GO prices start from £108,000 for a two-bedroom apartment

More and more investors and first-timers are buying off-plan as demand for new apartments accelerates, says Gavin Warr, managing director of Black Country developers Selbourne Homes.

Although the buying off-plan culture is nothing new, says Mr Warr, the difference today is the number of people who are opting for it.

“It’s a first time buyer and investor phenomenon and it’s the result of demand and supply. And it’s happening more as the number of new apartments being built rises,” he said.

Latest figures for the first quarter of 2003 shows that for the first time the number of flats being built in England has overtaken the number of detached houses being built.*

Mr Warr said: “We don’t really expect to sell off plan if we are building five bedroom houses. We only take reservations if they have sold their property.

“That’s why this is an investor and first time buyer culture as there are normally no chains involved.

“Reservations are normally linked to mortgage offers so we tend not to release properties more than 6 months in advance.”

Selbourne Homes has made a name for itself in the contemporary urban living market.

Its flagship development SO.GO at Merry Hill, West Midlands is testament to the success of the buying off-plan culture.

Over 50 per cent of the 110 one and two bedroom contemporary style apartments and penthouses have been sold off plan with the first phase not due for completion until the end of September 2003.

Eighteen units were sold off-plan before Christmas 2002. Purchasers were won over on the combination of contemporary urban living, leisure, immediate shopping and the fact they don’t need to use a car. One apartment or town-house has been sold in every subsequent week.

The financial benefits for investors and developers are appealing, said Mr Warr. “Many investors never actually move in. Often they’ve sold it or rented it out before they’ve even bought it.

“And for developers, once we’ve built the development we get our money.”

The practical advantages of buying off plan are attractive too. “Buyers can make their own choices on specifications for their home in terms of kitchen and bathroom fittings, colour schemes and door furniture.

“Many enjoy the feeling of having their own house being built from scratch. Some even take photos of each stage of construction.”

Riding on the success of its much-lauded SO.GO development in Merry Hill, Black Country developers Selbourne Homes has proposed a novel design for the site of the former Cross Keys public house on New Rowley Road.

The project sees the derelict and fire-damaged building that has been on the market since December 2001 replaced by 20 contemporary one or two bedroom apartments.

“We aim to transform an eyesore that has been steadily rotting for years into a desirable place to live,” said Gavin Warr, managing director of the Hagley-based firm.

Selbourne’s urban regeneration specialists have produced a design that mirrors the foundations of the old building and incorporates the former pub’s distinctive bay window on stilts appearance. The trendy block will sit in a half-acre site that includes gardens.

“In terms of apartment design this is pushing the boundaries further than we have before,” said Mr Warr. “If it is approved then it will certainly enhance the environment.

“The site is on a well used road and lots of people pass by – the community certainly deserves something better than this present derelict eyesore.”

It is a sentiment backed by Councillor Cyril Woodall who has campaigned on behalf of the local community for a resolution to the problem.

“That building is in a strategic position, visible as you come into Dudley and it looks awful,” he said. “It is a haven for nefarious activities. I’m often stopped by people who ask me to do something about the site and I would certainly support a good quality development.”

Mr Warr is convinced that once planning permission is granted the project will be a success.

Through a number of recent city living developments Selbourne Homes has found that although areas such as Dudley may not be as popular with national developers as Birmingham there is a similar appetite in the smaller towns for high quality contemporary city-living style schemes.

“There is a real market throughout the Black Country of people who want city centre style apartments but don’t want to move to the big metropolis.

“As old industrial areas and brown-field sites fall into disuse I am not alone in believing that rather than leaving them to grow steadily worse, everyone can benefit by transforming them as useful, attractive buildings.”