UK: Aviva Investors has completed the forward funding of a SFR scheme in Houghton Regis as part of its partnership with Packaged Living.
This investment marks the 10th SFR development by Aviva Investors and Packaged Living, increasing the total fund commitment to more than £500 million, since launching a partnership with Packaged Living in 2021.
The Houghton Regis scheme will deliver 189 homes across a mix of 177 two-, three- and four-bedroom houses and 12 two-bedroom apartments.
The homes are part of Phase One of Linmere, a 610-acre major mixed-use masterplan development situated on the north-west outskirts of Houghton Regis, being delivered by Land Improvements Holdings (LIH).
Once complete, the wider scheme at Linmere is expected to comprise over 5,000 residences, whilst also featuring 1.5 million square feet of commercial space and resident amenities, including schools, parks, health centres, a supermarket, sports facilities and community spaces.
The homes will be built by Dandara Homes, making this the partnership’s fifth SFR development to be delivered by Dandara, with previous projects in Dartford, Braintree, and two in Milton Keynes.
They will target an EPC ‘A’ rating and meet a minimum EPC ‘B’ rating as well as a BREEAM Residential accreditation. Each home will feature all-electric solutions, including air-source heat pumps and EV charging infrastructure.
The specification includes photovoltaic panels and battery storage, as well as provision to deliver zero-bills homes in partnership with Octopus Energy, meaning residents in qualifying homes will benefit from zero energy bills for 10 years.
Jonathon Ivory, CIO at Packaged Living, said: “Investor and consumer demand for sustainable single-family rental housing continue to occupy two sides of the same coin. The Government’s mission to deliver 1.5 million new homes during this parliament is a call to action shared by all developers, irrespective of tenure, including and especially build-to-rent specialists like Packaged Living.”
James Stevens, head of real estate investment at Aviva Investors, said: “With more than £500 million already invested in UK SFH, this is another example of our ambition to deploy more into the sector. We are very pleased to support the delivery of new homes at Linmere and to contribute towards the creation of a new, amenity-rich community for residents. By making energy- efficiency a central feature of these homes and making use of modern heating solutions, we believe this is another example of how our investment activity can help families get ready for the future whilst also delivering long-term outcomes for our investment portfolio.”
Simon Pendlebury, managing director of Dandara Northern Home Counties, added: “This will be our fifth development delivered in partnership with Aviva Investors and Packaged Living, and this alone underscores the importance of providing these homes to much needed communities. Previous projects similar to this have delivered modern, energy-efficient homes to rental markets, and we expect Linmere to be no different. We look forward to unlocking rental homes for those in the Houghton Regis community, with investment in SFH a fundamental element of our long-term strategy at Dandara.”
