M&G Real Estate is to provide funding for 152 new private rental homes in Acton, West London, in partnership with mid-market specialist developer HUB.
The GBP43.5 million Victoria Square scheme, to be developed by HUB, will provide a mix of one, two and three-bedroom apartments and is part of the Acton regeneration scheme being led by Ealing Council.
On completion, Victoria Square will be held within a UK residential investment strategy managed by Alex Greaves, which launched in mid-2013 and has attracted a number of UK and international investors.
HUB and Newground Architects have specifically designed the scheme for the rental market. Plans are for a manageable and sustainable building in keeping with the Mayor’s vision for well-designed and managed private rental homes. The Greater London Authority has prioritised delivery of institution-backed private rented sector homes by setting a 5,000 yearly target for new development.
Greaves says: “For far too long, renting has been seen as a stepping stone to home ownership and, at times, even a backward step. These 152 built-for-purpose rental homes are a clear statement that renting can be the tenure of choice for an upwardly mobile workforce who require the flexibility of renting but, who also want high quality service and support, to feel able to lay down roots and settle for longer should they wish.
“With this deal now complete, we are looking for more opportunities to fund mid-market developments via our fully scalable UK residential strategy.
“Hopefully deals like this will encourage more institutional investment into the sector and bring forward much needed housing stock.”
Tim Barlow, founding partner of HUB, says: “We’re extremely proud of our plans for Victoria Square, which has been designed to provide a new standard of private rented home in the capital – with all the extra space needed to forge a real sense of community within the building.
“The Mayor’s housing strategy clearly articulates that London needs more homes for middle-income Londoners – but this should not mean cutting back on design quality or innovation. Victoria Square is an example of what conscientious, design-led development can provide for London’s renters.”