Rental home operator and provider Picture Living has announced that it has committed c.£20m to forward fund two single family housing (SFH) Build to Rent schemes totalling 42 homes. The investments are set to deliver much-needed, sustainable family homes across the South of England.
In the London Borough of Waltham Forest, Vistry Group will deliver 14 three-bedroom homes, the first of which will be available in mid-2024. Situated within walking distance of both Walthamstow Central underground station and Wood Street overground station, the scheme is part of a multi-phase brownfield regeneration project, which on completion will contain over 570 homes. To date, 315 homes have been delivered and are already fully occupied.
In line with Thriving Investments’ focus on delivering sustainable communities, each home will benefit from the site-wide district heating system and PV installations.
“The UK SFH market continues to go from strength to strength, having attracted over £1bn of investment in 2023 to date, a record for the sub-sector. Investors are increasingly attracted by its combination of stable returns and real social value, and the circa £45m of investments we have made this year is testament to our expertise in this sector. We look forward to working with Vistry Group again, and to establishing our new relationship with Durkan Homes, as we continue to deliver long term value and a positive social impact in support of our mission to alleviate the chronic housing shortage in the UK.”James Nicholls, Investment Manager, Thriving Investments
The second scheme in St Neots, Cambridgeshire, is being developed by Durkan Homes. It will comprise 28 three- and four-bedroom homes, the first of which are already available with the remainder due to complete by mid-2024.
Green space, walkways, cycle paths, and access to local employment and schools will be offered. Homes are a ten-minute walk from St Neots train station, with Kings Cross a 40-minute journey away, and a 30-minute drive from Cambridge.
Picture Living currently has an AUM of c.£350m and has amassed a portfolio in the region of 1,800 single family homes and apartments to date, including over 200 currently under construction. This investment follows a c.£25m commitment to forward fund two SFH schemes in Essex, announced in August this year, delivering 63 homes.