Build to rent investor plans first two London projects

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Private rental housing investor Sigma has bought two development sites in Havering and Barking as it ramps up activity over the coming year.

The first development sites for the firm in London are an 80-flat development site at Beam Park in Dagenham and a 77-flat development site at Fresh Wharf, a major riverside scheme close to Barking town centre.

Sigma will work with Countryside Properties and L&Q New Homes at the Beam Park scheme and with Countryside Properties and Notting Hill Developments at Fresh Wharf.

The combined development cost of the two sites is £44m.

Fresh Wharf is expected to be completed towards the end of next year, with Beam Park completing by Spring 2021.

The new homes will be marketed and let under the investor’s ‘Simple Life’ letting brand.

Ian Sutcliffe, group chief executive at Countryside Properties, said :”We are delighted to be extending our very successful partnership with Sigma Capital into the London market.

“We have delivered over 4,000 private rented homes over the past five years together as part of differentiated mixed tenure approach to regeneration sites. We anticipate continuing growth from our relationship with Sigma in London and beyond.”

Sigma’s move into London follows its recent launch in Scotland, where it has entered into a collaboration agreement with house builder Springfield Properties and is targeting the delivery of hundreds of new rental homes across Scotland’s major cities, including Dundee, Edinburgh, and Glasgow.

Outside London, Sigma has delivered more than 3,000 new rental homes across the regions, through its PRS property platform.

 

This article was first seen on https://www.constructionenquirer.com/2019/10/08/build-to-rent-investor-plans-first-two-london-projects/

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