UK: Property investor and developer Strawberry Star has announced the launch of a dedicated BTR arm, Star Living.
The new brand aims to “provide modern and convenient schemes within the commuter belt, primarily targeting areas close to transport hubs that have very few new-build rental homes on offer”.
Star Living currently has three BTR projects in the pipeline, in Harlow, Gravesend and Luton.
The Harlow development in Essex is set to deliver a dedicated BTR block of 163 residential units with a GDV of £45 million, for which construction is due to start this year.
It will provide a single customer journey from reservations to end of tenancy, including digital concierge, maintenance, parcel storage, flexible co-working and multi-purpose room, and a shared roof terrace. It will also offer ancillary services, such as laundry, dry cleaning and housekeeping, with pets allowed and flexible contracts on offer.
Studios, one- and two-bedroom apartments will be available to rent with Wi-Fi and furniture included. Star Living Harlow is due to complete in 2024.
Meanwhile, the Gravesend BTR scheme, for which Star Living has already received planning permission, will comprise approximately 100 units. The Luton project — which is the second phase of Strawberry Star’s flagship Lu2on scheme in Bedfordshire — will consist of 567 units with an estimated GDV of £160 million.
Following the launch of its BTR arm, Strawberry Star Group aims to have a £1 billion GDV portfolio within London commuter towns by 2027.
Santhosh Gowda, chairman of Strawberry Star, said: “Our vision for the Star Living arm is to be the leading income generating, diversified and scalable BTR investment platform through our unique, cost-efficient, build and operational expertise, and we aim to be one of the largest BTR providers in the commuter belt by 2027. Star Living brings together our existing skillsets as an end-to-end provider combined with a panel of leading contractors and consultants for significant placemaking schemes that benefit each local community.
“With a strong pipeline of new Star Living sites due to launch in the next 12 months, we are one of the few developers responding in volume to the current supply crisis. We are focusing on commuter growth towns with a high proportion of young professionals and a low supply of rental properties, aiming to help redress the balance which is causing an upwards pressure on rental values. More choice and better supply will be a huge advantage to those now spending increasing time at home with flexible working here to stay, as BTR products are in a much better position to meet future needs and live-work trends.”
