UK: A new BTR operator – ila (I Live Around) – has launched with a target to deliver 4,000 BTR over the next four years.
ila aims to “enhance the market with people-first neighbourhoods that draw inspiration from UK culture and heritage”. Headquartered in Oxford, ila is part of Ridgeback Group, an integrated BTR investor, developer and asset manager.
Its pipeline of schemes currently under development include sites in Birmingham, Cardiff, Leeds, Liverpool, London, Manchester, Salford and Sheffield.
The first neighbourhood to complete will be Hairpin House in Birmingham. The scheme will deliver 237 BTR apartments. Hairpin House draws inspiration from the site’s historic home to Kirby Beard & Co, which famously invented the Kirbigrip hair pin.
Due to complete in Summer 2023, the Kangaroo Works neighbourhood in Sheffield will deliver 365 BTR apartments. The scheme – which is part of Sheffield City Council’s Heart of the City II masterplan – is named in homage to a historic tool factory that was once operational on the site.
Later this year, ila will launch Pall Mall Press in Liverpool, which will deliver 336 apartments. The scheme is steeped in Liverpool’s industrial history as home to high-profile printing factories including Brown & Rawcliffe.
All the BTR developments will include a mix of studios, one-, two- and three-bedroom apartments, and will have on-site team and maintenance support, amenity spaces and communal landscaped gardens.
Managing director of ila Steven McCarthy will head up the team of 21 people, with the headcount expected to more than double by the end of 2023. He has more than 10 years’ experience working in the PBSA sector during his previous roles at CRM Students.
“The Build to Rent market has undoubtedly soared over the last five years, but we are just getting started. An acute demand for high-quality and flexible rental options that respond to modern-day requirements is evident and ila will play a significant role in bridging this gap in major cities. ila presents a new way to rent and live. We treat every site individually and take time to understand the identity and culture of each city, so that we can deliver neighbourhoods that resonate with residents and create homes to be proud of,” said McCarthy.
“Ridgeback’s growing portfolio of high-quality homes throughout the UK make the perfect platform for a best in class fully integrated property management firm and we believe the formation of ila will enable us to harness the full potential of our exceptional communities, giving our residents a truly different experience when it comes to renting,” added George Bossom, partner at Ridgeback Group.
