As our latest BTR development in Hull is a step closer to being delivered, we’re pleased to officially announce our new partnership with Strata Homes. The £6.6M development will be the first of a number of projects undertaken in partnership with Strata Homes and is also the first Wise Living project in collaboration with, and to be funded by PGIM Real Estate.
It will see 50 BTR homes built on the Preston Road site in the Marfleet area of the city, including two, three, and four-bedroom homes.
The plans form part of a large regeneration project which is being delivered by Strata, Keepmoat Homes, and Homegroup. Once complete, the site will be home to more than 500 new units with the 50 BTR homes forming part of phase one of the project. Approval of the development comes at a time when BTR has seen a surge in growth in the UK not just in major populous areas, but in smaller towns and cities too. In Q1 of 2021, the sector received an estimated £1.2 billion investment, 335% higher than Q1 in 2012.[1]
Speaking on the project, our Land & Partnerships Director, Mark Gratton, said;
“We are really pleased that our first BTR development in partnership with Strata has been given the green light following exchange of contracts. Together we will deliver quality private rental properties to the City of Hull and we can’t wait for construction to get started in the near future.
“We are delivering this project at a time when demand from families for high-quality rental properties in suburban areas is on the rise. Remote working is here to stay for many, meaning people now have more flexibility over where they live, and they are choosing quieter areas with easier access to green spaces. We have already seen this through our other suburban BTR developments in places like Mansfield and Telford”
Mark Leaf, Head of Land at Strata said;
“It is great to have been able to cement the relationship with Wise Living by starting a new scheme with them. Their product is a superb complement to ours on the Hull scheme and will help create a sustainable neighbourhood alongside our partners.”
“We have worked collaboratively to bring forward this scheme which will see Strata deliver 242 new homes as part of our strategic relationship with the Local Council.”
Working with developers who share our ambition to deliver high-quality rental properties in the suburbs has been central to our strategy and why we see Strata as such a key partner. We look forward to delivering more BTR developments in partnership with Strata in the coming months, with progress already made on additional sites in Mansfield for 36 units and Nottingham for 113 units as part of our growing pipeline together.
Partnering with BTR experts backed by institutional investors is a wise move, and our proven partnership model represents an excellent opportunity for house-builders to de-risk existing schemes, open up new opportunities and grow their business. We’ll support you with your BTR schemes from Day 1. From refining the mix, density, house types, and values, all the way through to professionally managing the homes once complete – speak to our team today!
