Aviva Investors, the global asset management business of Aviva plc, acquires a site less than a mile from Ipswich town centre with planning for the development of over 163 family homes, as it continues to grow its UK single-family rental platform in partnership with Packaged Living, a UK Build to Rent developer.
Spanning 7.66 acres along the north bank of the river Orwell and situated opposite Ipswich train station, the new single-family Build to Rent development is expected to deliver a mix of two-, three- and four-bedroom homes, which together will provide almost 160,000 sq ft of housing. Ipswich also has transport links by road, rail, air and sea networks, including connections to London Liverpool Street, Cambridge and Norwich.
“We are pleased to add a further scheme to our portfolio of residential developments, which will help to provide energy-efficient and affordable housing to an undersupplied market. The project also continues our programme of actively improving the energy efficiency standards of new homes in the UK, thereby lowering ongoing energy costs for families living in them and ensuring this scheme can deliver value long into the future.”James Stevens, Head of Real Estate Investment, Aviva Investors
The Ipswich scheme is one of several residential developments currently being undertaken by Aviva Investors, as it continues to increase supply of affordable homes across the UK and Europe. These include the construction of 195 energy-efficient homes in the West Midlands, as well as two schemes in Spain: a 71-home project in the Sants district of Barcelona and 85 units in the La Gripia district of Catalonia.
“We have high ambitions to continue growing our portfolio of Build to Rent homes in the UK and across Europe, and it is great to expand our partnership with Packaged Living further. Our intention with this scheme is to create a housing community of great quality, offering local amenities to residents while also being in close proximity to a town centre that we believe has exciting growth dynamics.”George Fraser Harding, Head of European Funds, Aviva Investors
Keeping with its Net Zero Pathway for Real Assets launched in 2021, Aviva Investors and Packaged Living intend to place environmental credentials at the forefront of the single-family Build to Rent scheme’s design. Homes will use air source heat pumps for heating needs, and electric vehicle (EV) charging infrastructure will be fitted on each house. Homes will target a minimum EPC rating of B.
“Despite recent economic turbulence, our conviction levels for single-family rental remain as high as ever. Indeed, if previous recessions have taught us anything, it is that rental residential performs relatively better than other real asset classes during times of economic uncertainty.
“For residents, if falling home prices and increased mortgage costs provide the push factor, then professional management and first-class specifications and sustainability credentials deliver the pull factor. Since inception, the Build to Rent industry has preached the inflation matching qualities of this asset class. That assertion has been robustly tested this year, and I’m pleased to say is passing with flying colours!”Jonathon Ivory, Managing Director, Packaged Living