Countrywide has announced that its first major build-to-rent property has successfully launched, with 60% of the 324 apartments let or reserved within the first seven weeks.

The Cargo Building is Liverpool’s first build-to-rent scheme and the largest private rented sector development in the city.

Its successful launch has outperformed target.

The building, managed by Countrywide, is a joint financial venture with Hermes through the Vista fund that they set up together.

Paul Brooks, managing director of Asset Management at Countrywide, said: “The Cargo Building brings the latest in contemporary living coupled with outstanding service to one of the north-west’s most exciting cities.

“We are delighted to be able to showcase Countrywide’s broad expertise within a single product in the market – the launch could not have been more successful and has quickly demonstrated the huge demand for a quality product backed by quality service.

“We’re extremely excited about the opportunities that build-to rent offers, as we continue to support and drive the evolution of this growing segment of the market.”

Bobby Barnett, investment director at Countrywide, said: “Unlike a buy-to-let scheme where the investor has minimal control, we manage the whole site and can realise all the advantages which that brings.

“We anticipate that this will lead to strong rental premiums, longer leases and better rental returns, all driven by more content customers – a positive outcome for both the investor and the residents.”