Build to Rent specialist, Wise Living, announces it will deliver almost 90 new Build to Rent properties at its Bath Lane and Great Central Road sites, two of the company’s developments in Mansfield. The new homes will be in addition to its existing site of 75 units.
Construction is already underway at the new Bath Lane development, which will deliver 36 one and two-bedroom homes which are set to complete in Autumn 2022. The scheme is the second of many projects Wise Living are working on in partnership with Strata.
The second development will be built across the road from Wise Living’s existing scheme – The Old Brewery on Great Central Road. Estimated to be worth £7.3m, the development will deliver 51 new homes – a mix of 27 one and two bedroom apartments and 24 two and three bedroom houses. This site is being built in partnership with Keon Homes, the third development the two companies have collaborated on following a site in Coventry and the £9.3m scheme on Cambridge Road in Wolverhampton.
The Great Central Road and Bath Lane sites will take Wise Living’s total properties in Mansfield to 162, following the hugely successful launch of The Old Brewery last year. Both are funded by PGIM Real Estate.
“Regardless of the impact of the pandemic, we have continued to see high demand within the Build to Rent market during the last 18 months. The East Midlands is a key region in our strategy, and we know renters in Mansfield want quality family homes with easy access to key amenities – you only have to look at the success of The Old Brewery in 2021 to see how high demand is.
“This announcement marks our growing portfolio in Mansfield and alongside our key partners, Strata Homes and Keon Homes, we have plans in place to continue to provide high-quality rental properties in areas of cities and towns where there is high demand, but a clear under supply to meet it.
“Our own research in 2021, showed that almost half of UK renters want to live in areas that have easier access to green spaces – so we know it’s locations like here in Mansfield where people want to live.
“Working with like-minded housing developers is a core part of our model and we are delighted to be delivering these two much needed sites to Mansfield alongside Strata and Keon.”Mark Gratton, Land and Partnerships Director, Wise Living
The announcement continues a string of Build to Rent developments that Wise Living has delivered to suburban areas of smaller cities and large towns during the last few years. This includes Wolverhampton, Coventry, Boston, Rotherham and Birkenhead.