Build to rent developer plans 5,000 London homes

Aaron Morby 2 years ago
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London developer Avanton has set up a £500m fund for strategic land acquisitions over the next three years, as part of a major expansion into the capital’s lucrative build-to-rent sector.

Avanton's £730m Ruby Triangle project planned for the Old Kent Road in Southwark
Avanton's £730m Ruby Triangle project planned for the Old Kent Road in Southwark

The established operator in the residential build-to-sell market has now set its sights on the rapidly-growing build-to-rent sector in the capital where it sees a significant lack of quality, purpose-built rental stock.

The new land fund will target the acquisition of sites across Inner London in locations such as Islington, Southwark, Wandsworth, Wimbledon, Hammersmith, Lambeth, Camden and Brent with a view to delivering up to 5,000 build-to-rent units between 2021 and 2023.

Avanton will focus on acquiring sites with land values of £20m to £100m, providing for between 300 to 1,000 units per BTR development.

The firm has already begun to assemble a portfolio of build-to-rent pipeline projects.

In Richmond, Avanton and partner ICG have a newly consented £250m urban-village development on the 4.45 acre Homebase site off Manor Road.

The development will deliver 453 apartments complete with a pocket-park, retail, community and office uses, and landscaping, designed by Assael Architecture.

Likewise on Old Kent Road in Southwark, Avanton has consent for the £730m Ruby Triangle project which will provide 1,414 new homes, of which circa 50% will be build-to-rent.

The Farrells designed scheme providing residential towers, between 17 to 48 storeys in height, designed around a central park and complete with sports hall, gymnasium, retail units, workshops and studios.

Also it has a third pipeline site in the London Borough of Brent that will see 500 build-to-rent units built.

Omer Weinberger, CEO of Avanton, said: “The only viable solution to London’s housing crisis and the shortage of supply of new homes in the capital is delivering multiple tenure schemes and expanding BTR, intermediate and social housing provision.

“This is why Avanton is currently undergoing a three-year expansion into the build-to-rent and mixed-tenure sectors. To implement this we have set aside £500m and are seeking attractive land opportunities to grow our BTR development pipeline yet further.”

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