Present made and Miller to deliver 650 home triple tenure scheme

Present Made and Miller Homes agree a joint venture to deliver Mill View, a residential-led community in Bedfordshire.

Mill View homes in Bedfordshire. Present Made's joint venture with Miller Homes will deliver SFH Build to Rent homes at the development | BTR News
Mill View homes in Bedfordshire. Present Made's joint venture with Miller Homes will deliver SFH Build to Rent homes at the development.

Developer-operator of single-family housing (SFH) Build to Rent – Present Made – forms a joint venture with homebuilder Miller Homes to deliver Mill View, a 650-home mixed-tenure community in Bedfordshire.

The 170-acre site will deliver a mix of private-sale, affordable and single-family Build to Rent housing. Construction is planned to start in Q4 2024, with the first homes expected to be delivered in 2025.

“In Miller Homes, we have a five-star, best-in-class delivery partner renowned for its quality of product and speed of execution. The delivery partner model will help Present Made achieve scale faster while ensuring we maintain the highest design, build and operational standards. 

“This relentless focus has defined Apache Capital’s purpose-built prime multifamily Build to Rent strategy and will see us deliver a new community at Mill View that sets new benchmarks for excellence.”

Alan Penfold, Managing Director, Present Made

Located in a cluster of villages 13 minutes south of central Bedford, the site forms part of the wider Wixam Park masterplan, which includes over 1,500 homes and five-acres of employment land. The site benefits from outline planning consent for a new primary school, community infrastructure and an 87-acre country park.

Mill View, which will be renamed, builds on Miller Homes’ strong record of forming joint ventures with partners to deliver high-quality homes and communities. This is the latest development for Miller Homes’ expanding South Midlands region.

“We are pleased to have formed this joint venture with Present Made to deliver 650 mixed tenure homes in Bedford, enabling us to complete this significant land acquisition together, and we hope it forms the foundation for other opportunities.

“Building mixed tenure homes as part of our business model allows us to continue diversifying our portfolio, while creating new opportunities for land acquisition and supporting our overall growth ambitions to 6,500 homes per year.

“Mill View will offer residents a blend of thriving town life and picturesque countryside living, with easy access to local transport links, and green spaces including the new country park on the doorstep.” 

Benjamin Massey, Divisional Managing Director, Miller Homes

Present Made is the single-family Build to Rent housing platform of Apache Capital. In 2023, Present Made announced a strategic pivot to include working with third-party delivery partners – such as volume or SME housebuilders – to take advantage of a slowing for-sale market and to accelerate the scaling of the platform. 

This deal marks Present Made’s first triple-tenure transaction, which refers to sites providing a mix of private sale, affordable and Build to Rent homes.

“The tri-tenure model is a win-win for investors, communities and housebuilders: investors get to satisfy the ‘triple bottom line’ by delivering solid financial, environmental and social returns, communities get a broad range of much-needed new housing, while housebuilders get de-risked sites and diversified sources of income beyond highly cyclical market sales. We see this model as being key to scaling our Present Made platform as we look to work with third-party capital to capitalise on the opportunity presented by the UK’s rapidly changing housing market.”

John Dunkerley, CEO, Apache Capital

Present Made also undertakes direct development. This includes Present Made of Eddington, a 373-home single-family housing scheme in Cambridge – delivered in partnership with The University of Cambridge and funded through a joint venture between Apache Capital and Nuveen Real Estate. Construction at the scheme is expected to complete in late 2025.