news Notting Hill to create private rented portfolio
Notting Hill Housing Group (NHHG) has joined forces with the Greater London Authority (GLA) and the HCA in a deal to create a £90m private rented sector portfolio. NHHG will receive a £45m loan from the Get Britain Building programme to acquire 140 new private rented units which will built across seven London sites by Berkeley Homes. NHHG will also add £45m, or another 140 homes, of its own private-rented stock into the portfolio. The GLA and HCA will exit the deal in March 2018, when the loan is due to be repaid. Kate Davies, chief executive at Notting Hill Housing Trust, said: “The opportunity to acquire such a large number of quality homes, with support from the GLA and HCA, enables us to create a strong market rent operation at Notting Hill. Our experienced team should
make good returns on this stock, enabling us to also increase the number of affordable homes we can deliver.” Richard Hill (right), programmes director at the HCA, added: “This latest deal with Berkeley shows the increasing interest in investing in the private rented sector. Through close working with the GLA I am delighted that we are able to support Notting Hill Housing Group in this innovative deal, which will help bring about the construction of more homes and create more jobs.” Berkeley will complete the units by March 2015. They will be at Kew Bridge West, Hounslow; Marine Wharf, Lewisham; Beaufort Park, Barnet; Woodberry Down, Hackney; Stanmore, Harrow; Saffron, Croydon, and Caspian, Tower Hamlets.
HCA appoints Taylor Wimpey at Wigan regeneration scheme
The Homes and Communities Agency (HCA) and Wigan Council have selected Taylor Wimpey as the preferred developer to undertake the re- development of Bickershaw South in Wigan. The 18-hectare Bickershaw South site will feature 474 open market and affordable homes built to Level 4 of the Code for Sustainable Homes. The scheme will also include more than 10,000 square feet of non-residential development including a community building, café, retail units and a 40-berth marina facility. The development will be built in several phases over a period of eight years, with planning consent anticipated for autumn 2013 and the
completion of the first homes scheduled for early summer 2014.
Deborah McLaughlin, north-west executive director of the HCA said: “Appointing a developer is a significant milestone for this major land development. This area is a former colliery site and has been a priority of the national coalfields programme for a period of time. I know that our chosen developer is keen to deliver a project which meets the needs and aspirations of local people, creating much needed affordable homes, leisure facilities and more. Not only will it impact on tourism, but it will create jobs for local
people, improve the look of the area and bring disused land back to life.”
Anthony Mansfield, project director for Taylor Wimpey Manchester said: “We are thrilled to be working with Wigan Council and the HCA on such a landmark project. This new development will not only offer a range of private and affordable housing; but with the extensive commercial offerings including a family pub/restaurant and community centre encompassing the Bickershaw site, we are creating an exemplary development which will bring long-lasting benefits to the wider community.”
PRUPIM buys Berkeley rental portfolio
PRUPIM, the real estate investment management arm of M&G Investments, has exchanged contracts to acquire a £105.4m residential portfolio owned by The Berkeley Group. The portfolio consists of 534 private rental units in 13 locations across Greater London, the south- east and southern England. PRUPIM will take on the management of the portfolio on completion in June 2013 and Berkeley will become a minority co-investor. Alex Jeffrey, chief executive of PRUPIM, said: “The expanding residential rental property market, particularly in London and southern England, is gaining in appeal for institutional investors. We believe that returns from the sector – which have historically outpaced commercial real estate – will continue to be attractive as demand increases.
We expect the supply and demand dynamics of the residential property market in London and the South East to remain favourable for investors, with continued strong demand for quality properties. “For institutional investors, the challenge of the residential rental sector has been two-fold: can you acquire property in sufficient scale and how will you ensure the units are managed to a high standard? This deal meets both aspects of that challenge. We’re acquiring a diverse portfolio of high quality properties, while Savills contributes its considerable experience of the day-to-day management of rental homes. This is the sort of portfolio that would fit well within a fund dedicated to the rental sector,” he added. Rob Perrins (pictured), managing director of the Berkeley Group, said: “This announcement is an
excellent example of a public and private partnership working together to deliver against an ambition to attract long term institutional funding into the private rented sector.”
showhouse May 2013 |
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