UK: Berkeley Group has outlined details of its BTR strategy, which was first announced in June.
The major housebuilder has launched a new 10-year strategy which includes a 4,000 unit BTR platform in London and the south-east.
The group has identified 16 sites, which will include an average of 250 BTR units per site. The construction cost of the BTR units will be around £1.2 billion.
Berkeley Group is looking to bring third-party investors into the BTR platform, to fund the construction of the portfolio or to expand the initial portfolio. It could also generate new money by creating a fund or finding JV partners.
It said the BTR sector needs to grow if the government is to hit its target of 1.5 million new homes during the current parliament.
“In the current operating environment, characterised by ongoing cost and affordability pressures, coupled with strong and increasing occupational and institutional demand, Berkeley believes that BTR will be central to the Government meeting its ambition for new homes during this Parliament,” the company said.
Berkeley has started construction of BTR homes on six of its regeneration sites. These buildings comprise 833 homes – more than 20 per cent of the initial portfolio of 4,000 homes. The first of these homes will be delivered during 2027.
The sites identified are:
• Alexandra Gate, Haringey, London
• Grand Union, Brent, London
• Kidbrooke Village, Greenwich, London
• Silkstream, Hendon, London
• Eden Grove, Staines, Middlesex
• Horlicks Quarter, Slough, Berkshire
