Aviva Investors has agreed to forward fund the creation of 101 single-family homes in Cambridge as part of its partnership with Packaged Living.
Barratt Homes will deliver the new homes at the Franklin Gardens community within the wider Darwin Green masterplan, which is situated on the northwestern edge of Cambridge.
The 101 two-, three- and four-bedroom houses and two-bedroom apartments, will be fully-electric and will use air-source heat pump systems.
The funding is the ninth investment made into the UK single-family housing market by Aviva Investors and Packaged Living since launching their build-to-rent (BTR) platform in 2021.
James Stevens, head of real estate investment at Aviva Investors, said: “We have a clear strategy to increase our investment into rental housing across the UK, including an ambition to deploy more than £1bn in the coming years. Franklin Gardens is another example of that commitment. Set in a prime location and part of a strong regional market, we expect it to create an excellent community offering for residents and families. We think it is a fantastic opportunity to support the delivery of housing into a dynamic region of the UK, which is well-positioned for growth and provide long-term returns for investors.”
Jonathon Ivory, chief investment officer at Packaged Living, added: “It’s great that Packaged Living and Aviva Investors are simply going about the job of facilitating much needed new housing. This acquisition is further proof of the draw that exciting locations such as Cambridge are having on UK single-family housing. Franklin Gardens will deliver much-needed rental housing into an undersupplied area, where demand is underpinned by an extremely buoyant employment market in one of the most dynamic regions of the UK.
“Once delivered, this prime Cambridge asset will sit within a wider portfolio of similarly high value single family communities including Hampshire, Buckinghamshire, Essex and Kent, underpinning a portfolio value of more than £500m and chiming with our business model of investing in and operating communities that exhibit elevated levels of job and population growth. We are thrilled we are to be working with a ‘blue-chip’ business like Barratt Homes with whom we now look forward to partnering on a programmatic basis.”
Mark Bailey, regional managing director at Barratt Developments, East Region, said: “We are delighted to be working with Aviva Investors and Packaged Living to deliver private rental properties which complement our already varied tenure at Franklin Gardens, Cambridge. It will provide 101 new homes to an area identified as having significant housing need with big potential for growth. We are committed to delivering high quality sustainable homes and look forward to building a strong relationship with a partner who shares our commitment to quality and housing delivery.”
