BTR News Build to Rent (BTR)

2019 round up – the biggest players in the UK Build to Rent market

Of all the BTR homes that were under construction in 2019, half were built by ten developers.

The Build to Rent (BTR) market is growing. There were 36,415 homes under construction in 2019 and half were being built by only ten developers. So, who were these ten biggest players? 

London & Quadrant

London & Quadrant is the biggest player in the BTR market. Surprisingly – or not – they’re a charitable housing association who operate across Greater London, the South East and East Anglia. They’re a residential developer who has been around for over 50 years.

Already providing social housing, they moved into developing BTR homes mainly in London and the South East. In 2019, they had a total of 7,232 BTR homes – 2,404 completed, 185 under construction and 4,643 in planning. 

Sigma Capital

Sigma Capital have shaken up BTR by offering a wider landscape of options to renters. Their BTR projects – delivered through their Simple Life brand are family homes instead of large developments with apartments. 

They’ve also expanded their BTR offering by venturing into London, with an 80-unit site in Havering and a 77-unit site in Barking town centre – their first activity in London. With a target of 20,000 BTR homes, they had a total of 7,173 BTR homes – 2,150 completed, 1,749 under construction and 3,274 in the planning stage.

Get Living

Get Living were one of the initial companies that headed BTR. They create big-city neighbourhoods in brilliant parts of cities. They’re well known for their project at Olympic Park – East Village – in Stratford after they bought the Athletes Village. Their newest addition to the site was Victory Plaza, which provides even bigger homes.

They’ve now spanned across the country, with projects such as New Maker Yards in Manchester, Elephant Central in Elephant & Castle, Globe Road site in Leeds and Merchant City in Glasgow. They had 1,812 completed homes, with 1,282 under construction and 3,779 in planning – a total of 6,873 homes.

Quintain

Quintain has been around for 24 years and is renowned for their BTR scheme in Wembley Park – the biggest scheme in the UK.

The project had 556 completed homes and 2,196 under construction. There was also planning for another 3,000 homes, making it a grand total of 5,752 homes. And they’re on track to complete 3,000 BTR homes in Wembley Park by 2020.

Criterion Capital

Criterion Capital is Asif Aziz’s private property company. They currently manage 1,348 BTR homes. Although they’re not constructing any now, they’ve got 3,372 homes in the pipeline – and that totals 4,720 homes. 

In July 2019, they acquired Morgan Stanley’s Maritime View residential development in Greenwich, SE10. They plan to deliver up to 1,000 compact new homes and is proposing a 100% affordable BTR scheme – with discount market rent. They also have Delta Point in Croydon, previously a BT office building which is famous for its role in the Batman Dark Knight Rises film. This project will create around 350 new homes.

Grainger

Grainger has been one of the biggest residential landlords in the UK. And they’re one of the largest BTR developers. They had 1,201 completed homes, 2,693 under construction and 798 in planning. So that’s 4,692 in total.

In 2019, Grainger submitted a detailed planning application for a BTR scheme in Lewisham on Besson Street, SE14. It’ll have 324 homes, 35% of which will be affordable housing. They’re also Transport for London’s preferred bidder for multiple sites around the capital’s transport hubs, delivering over 3,000 homes. These scheme’s will also have a minimum of 40% affordable housing, with some at 100%.

Legal & General

We know them as an insurance company, but Legal & General are already in the student accommodation, senior living and social and affordable housing space. Their BTR scheme had 225 completed homes, but their large pipeline of 2,173 homes are under construction and 1,280 are in planning. That’s 3,678 BTR homes in total. 

In the pipeline is their BTR scheme in Wandsworth. It’ll deliver 1,000 new homes and is their biggest scheme yet. The project has full planning consent which also includes 35% affordable housing. In August 2019, they also exchanged contracts to develop Wales’ largest BTR scheme which will have 318 apartments.

Apache Capital and Moda Living

Innovators in the BTR market outside the capital, they had 1,772 homes under construction and 1,569 in planning, totalling 3,341 homes. Their 481 units, 37-story tower in Broad Street, Birmingham didn’t have any completed homes in 2019, but offers free Uber credits to renters who choose not to have a parking space. In September 2019, 60 apartments were pre-let in their Angel Gardens project next to Manchester’s Northern Quarter. It’ll offer 458 BTR homes with plenty of amenities. 

Invesco and JV Partners

Invesco is a global real estate investment manager. Their roots are in the US, so it’s no surprise they’ve embraced the UK BTR market. They’re also one of the institutional fund managers who’s linked up with a few JV partners. They had 904 completed homes, 1,388 under construction and 597 in the planning stage – totalling 2,889 homes.

Invesco has forward funded £98m to deliver 483 BTR homes in Birmingham, at Holloway Head. Outwood Wharf in Salford, Manchester had 246 BTR apartments and townhouses. And planning permission was given for an additional 296 homes, phase two of the project. 

Greystar

Greystar is another US company who saw the BTR opportunity in the UK early on. They had 120 completed homes with 1,782 under construction and 894 in planning. That’s a total of 2,796 homes. 

They’re developing the world’s tallest modular housing tower in Croydon, South London. At 135m high, the 44-story development will provide 546 BTR apartments. They also had other schemes under construction, such as the Battersea Nine Elms development. Previously a Royal Mail depot, the site will provide 894 BTR homes and a host of amenities including two rooftop swimming pools.

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