Edmond de Rothschild Real Estate Investment Management (REIM) has completed its Charolais Gardens build-to-rent (BTR) scheme in Rugby.
The scheme, which is located at Railway Terrace, provides 357 one- and two-bedroom apartments across four buildings. The first two buildings completed at the end of last year and are fully let, the third building, which launched in June, is 80% let, and the recently completed fourth building is now being marketed.
Charolais Gardens has a GDV of £57m and is the fifth BTR development for the firm’s £545m Edmond de Rothschild Residential Investment Fund UK, which launched in 2018 and secured £320m of equity from German institutional investors.
James Whidborne, head of residential fund management UK at Edmond de Rothschild REIM, said: “The speed at which Charolais Gardens is letting and the level of rents we are achieving has gone beyond even our expectations. The success of the development, similar to the experience we have had at our first four projects, endorses our strategy of focusing on the lower-to-mid market and regional locations and reflects the fundamental strength and resilience of the PRS sector in the UK.”
Zoe Innes, head of lettings, residential UK, at Edmond de Rothschild REIM, added: “Our onsite team has worked hard to create a fantastic community of residents with access to a multi-purpose reception lounge, work-from-home space, gym, stretch yoga studio and private hire kitchen/dining area, which is making Charolais Gardens a sought-after, value-proposition destination for residents.”
