Applications for apartments at Tricorn House have been temporarily paused, leaving prospective tenants who have already viewed properties and submitted offers waiting for an outcome.
The development was launched onto the private rental market by CGT Lettings following months of work with owner Vilednik Holdings Ltd. A dedicated online platform was also created, enabling prospective tenants to view available apartments, register their interest, arrange viewings and submit offers.
The launch generated a strong response, with offers received on every apartment that had been made available on the day the properties were formally launched.
However, CGT has since been instructed by owner Vilednik Holdings Ltd to temporarily pause the progression of applications while wider decisions concerning Tricorn House are considered.
Nick Devonport, Managing Director of CGT Lettings, said the situation was frustrating for both the company and prospective tenants.
“Naturally, the delay is frustrating for us and, more importantly, for the applicants who have viewed properties, submitted offers and are waiting for an outcome.
“We have continued to work extremely hard with the owner throughout this period and remain ready to progress matters as soon as we receive the appropriate instruction.
“We are hopeful that we will have greater clarity within the next week or two and, as soon as we are in a position to do so, our priority will be to update those applicants who are still waiting.”
CGT said the decision to pause applications came after the initial launch had already demonstrated significant demand for the apartments.
Mr Devonport said: “CGT invested a considerable amount of time and effort into helping bring Tricorn House to the private rental market, and the response showed very clearly that there is a strong appetite for this type of accommodation.”
The company said it remains in contact with the owner and is ready to resume progressing applications once it receives further instructions.
The uncertainty surrounding Tricorn House comes as CGT reports growing demand from owners of larger residential developments looking for new ways to bring multiple properties to the private rental market.
As a direct result of the work carried out at Tricorn House, CGT has now received instructions on a number of other residential blocks, including developments in Cheltenham and Gloucester.
Further details of those schemes are expected to be announced shortly.
Mr Devonport added: “One of the really positive outcomes from Tricorn has been the interest it has generated from other property owners.
“The private rental sector is changing rapidly and landlords, investors and developers are increasingly looking at how they position and launch larger numbers of properties into the market.”
CGT said it expects to provide a further update on Tricorn House once it receives additional instructions from the owner.
In the meantime, applicants who have already viewed properties and submitted offers remain waiting for confirmation on whether their applications can proceed. Mr Devonport said CGT was hopeful of having greater clarity within the next week or two.
Tricorn House was built in 1975 to be used as offices for the Department of Health and Social Security until its closure in 1996, and has been empty until it was bought until it was bought by Vilednik Holdings Ltd at the end of 2022 and subsequently redeveloped.
