Packaged Living and Aviva complete Prince Philip Park SFH deal

Packaged Living and Aviva Investors strike a £60m forward funding deal to deliver single-family housing (SFH) Build to Rent homes at the Prince Philip Park development.

Artist depiction of what the new homes at Prince Philip Park could look like | Packaged Living | Aviva Investors | BTR News
Artist depiction of what the new homes at Prince Philip Park could look like.

Sustainable living specialist – Packaged Living – and the global asset management business of Aviva plc – Aviva Investors – have completed a forward funding deal that will see the creation of new SFH Build to Rent homes at the Prince Philip Park development in Whitehill & Bordon Bordon in Hampshire, with a GDV of c.£60m.

Delivering 174 homes in a mix of two-, three-, and four-bedroom suburban houses, the homes at Prince Philip Park forms part of a 200-hectare scheme on the site of a former military base, which is expected to deliver over 2,400 new residences when completed. It will provide over 160,000 sq ft of family housing.

“As one of the largest investors into the UK’s living sector, we think it’s incredibly important that our partnership with Packaged Living maximises its social value through the creation of homes which are affordable as well as being equipped to adapt to a changing climate and energy transition, thereby keeping their running costs low. This development maintains our focus on raising the bar on the energy efficiency standards new homes. Through this, we are confident we can create communities which remain relevant, usable, and cost-effective for residents long into the future.”

James Stevens, Head of Real Estate Investment, Aviva Investors

The masterplan development will feature community facilities such as new schools, shops, restaurants, medical facilities, a new film studio and an arts and cultural centre. There will also be public green space throughout the scheme, including a 54-acre woodland site and a new employment space with the potential to create up to 3,000 jobs.

“We are pleased to add this exciting new community to our ever-growing single-family housing portfolio. This development demonstrates our commitment to deliver properties that are fit for the future, combining high quality finishes with energy efficient low carbon solutions which result in lower operating costs for the families that will live there. The single-family housing model was traditionally the preserve of the Northwest, however this Hampshire acquisition is consistent with the ‘home-counties’ weighting of the Partnerships portfolio, confirm that suburban Build to Rent has finally come to the South East!”

Jonathon Ivory, Chief Investment Officer, Packaged Living

Continuing the Partnership’s focus on creating sustainable communities, the Prince Philip Park development will also offer families energy-efficient homes designed to minimise ongoing energy usage, and therefore costs.

All homes in the portfolio will use air source heat pumps and electric-only energy solutions, rather than gas-powered alternatives. The development will also feature electric vehicle charging for every dwelling with an associated parking space, as well as wastewater heat recovery systems and photovoltaic panels to help improve efficiency and further drive down costs.

“Taylor Wimpey, alongside our joint venture partner Dorchester Group are excited to deliver our third phase at Prince Philip Park. Following the success of our two previous phases, we will be creating a community of 315 homes, of which 94 will be for private sale, 47 will be affordable and 174 homes will be delivered on behalf of Aviva and Packaged Living as Build to Rent.  The development will provide a key contribution to the ongoing regeneration of the former Prince Philip Barracks.”

Taylor Wimpey

Since its launch, the Aviva Investors and Packaged Living partnership has aimed to increase the supply of affordable and energy-efficient homes across the UK. This is the sixth investment made by the two companies.

It now means the Partnership has 1,400 homes that are either operational, in construction or planning stages, or under exclusivity, including developments in the West Midlands and Ipswich – with a capital value of £0.5bn.