Hearthstone Investments, a specialist in suburban private rented housing, has acquired a portfolio of 66 homes in Allestree, Derby, through the Hearthstone Residential Fund 2 which raised £152m at its final close in December 2021. A block of nine apartments plus 57 houses were purchased from national homebuilder, Miller Homes and construction commenced in January 2023. Savills acted for Miller Homes in the sale.
In line with Hearthstone’s strategy to provide high quality, energy-efficient housing in areas of strong demand, the development includes landscaped attenuation ponds, public green space, a wildlife corridor, three children’s play areas and a BMX track. Frequent bus services strengthen ties between this new community and all the benefits of Derby city centre, including major employers such as the University and the NHS, plus a well-established high-tech manufacturing sector.
“When selecting new sites we focus on areas with strong and diverse employment, excellent transport connections and infrastructure, and places that are attractive as a place to live. This acquisition is a strong example of that.”
“Hearthstone Investments has a significant track record of investing in the Midlands, including in Derby, and demand for high quality, energy-efficient private rented housing remains high here. This is demonstrated by low voids and short relet times seen across the over 500 units already held in the region through Hearthstone Investments’ funds and mandates.”Helen Simons, Investment Director, Hearthstone
Deployment for the Hearthstone Residential Fund 2 is well advanced, with investments to date in a regionally diversified portfolio of UK private rented housing in 20 locations. Across Hearthstone’s portfolio of over 1,500 homes, re-let times as well as voids remain at record lows, while rent collection for 2022 was 97%.