A new Build to Rent development in Hull is a step closer to being delivered after planning permission was granted by Hull City Council.
The £6.6m development will be the first of a number of projects undertaken in partnership between Build to Rent provider Wise Living and developer Strata Homes. It’s also the first Wise Living project in collaboration with, and to be funded by, PGIM Real Estate.
“It is great to have been able to cement the relationship with Wise Living by starting a new scheme with them. Their product is a superb complement to ours on the Hull scheme and will help create a sustainable neighbourhood alongside our partners.
“We have worked collaboratively to bring forward this scheme which will see Strata deliver 242 new homes as part of our strategic relationship with the Local Council.”
Mark Leaf, Head of Land, Strata
The Build to Rent scheme will deliver 50 new homes – a mix of two, three and four-bedroom properties built on the Preston Road site in the Marfleet area of the city. The Build to Rent homes form part of phase one, which is a part of a large regeneration project being delivered by Strata, Keepmoat Homes and Homegroup.
“We are really pleased that our first Build to Rent development in partnership with Strata has been given the green light following exchange of contracts. Together we will deliver quality private rental properties to the City of Hull and we can’t wait for construction to get started in the near future.
Mark Gratton, Land and Development Director, Wise Living
Approval of the Hull development comes at a time when Build to Rent has seen a surge in growth in the UK – not just in major populous areas, but in smaller towns and cities too. In Q1 of 2021, the sector received an estimated £1.2bn investment, 335% higher than Q1 in 2012.
“We are delivering this project at a time when demand from families for high-quality rental properties in suburban areas is on the rise. Remote working is here to stay for many, meaning people now have more flexibility over where they live, and they are choosing quieter areas with easier access to green spaces. We have already seen this through our suburban Build to Rent developments in Mansfield and Telford.
“Working with developers who share our ambition to deliver high-quality rental properties in the suburbs has been central to our strategy and why we see Strata as such a key partner. We look forward to delivering more Build to Rent developments in partnership with Strata in the coming months, with progress already made on additional sites in Mansfield for 36 units and Nottingham for 113 units as part of our growing pipeline together.”Mark Gratton, Land and Development Director, Wise Living
Wise Living also has developments in Mansfield, Telford, Birkenhead, Coventry, Boston, Rotherham and Wolverhampton.
Earlier this year, PGIM Real Estate acquired a portfolio of single-family Build to Rent homes from Wise Living. Comprising five existing developments and three development sites, the deal includes a total of 433 units, which Wise Living will continue to manage on PGIM’s behalf. Preston Road in Hull is the first of the three new development sites to be announced following the deal.