Greystar has purchased a development site at Waterbeach, Cambridgeshire, from Urban&Civic for an undisclosed price as part of its new UK ‘garden-style’ rental housing strategy.
Garden-style rental housing combines lower and mid-rise homes, generous green space, shared amenities and professional management in communities designed for long-term renters. Greystar is targeting the delivery of up to 20,000 professionally managed garden-style rental homes over the next four years as part of its new strategy.
The company will deliver its first garden-style rental community at Waterbeach with the scheme providing 387 rental homes within Urban&Civic’s 6,500-home masterplan on the former Waterbeach Barracks site, four miles north of Cambridge.
The development will comprise a mix of market and discounted market rent homes alongside shared amenities including landscaped communal spaces, co-working facilities, a gym and more than 7,000 sq ft of retail and amenity space.
A reserved matters planning application has been submitted with construction expected to begin in Q1 2027, subject to planning approval.
The development is backed by Greystar Equity Partners Europe II (GEPE II), the company’s recently closed €2.7bn pan-European residential fund.
Mark Allnutt, executive director – Europe, at Greystar, said: “The UK’s leading centres of innovation can only thrive if people can afford to live close to where opportunity is being created. That’s one of the biggest challenges facing our fastest-growing regional economies today. Britain has a proud tradition of creating green, planned communities, from the garden cities movement to Hampstead Garden Suburb.
“Our garden-style approach builds on those principles to create professionally managed neighbourhoods that reflect how people increasingly want to live today. Waterbeach is the first step. Backed by GEPE II, we have the capital, experience and partnerships to deliver this new approach at scale in the places where it can make the greatest economic and social impact.”
Thomasin Renshaw, managing director – UK development, at Greystar, added: “Our research shows renters increasingly want homes with practical layouts, access to green space and the flexibility to work from home while remaining connected to major employment centres. Those priorities sit at the heart of our garden-style approach.
“We’ve taken everything we’ve learned from delivering rental housing internationally and adapted it to meet UK planning requirements, local priorities and renter expectations. Waterbeach is the first demonstration of that approach, creating a blueprint we believe can be replicated across other high-employment growth locations.”
Harriet Nicholls, senior development manager, at Urban&Civic, said: “We are delighted to welcome Greystar to Waterbeach as a partner in delivering the next homes in this growing community. Cambridge continues to see strong demand for high-quality rental homes, particularly among people working in its leading science and technology clusters.
“The scheme is located on the lakeside at the heart of Waterbeach and will play a central role in ensuring Waterbeach is a thriving place to live. Greystar’s homes expand the housing offer at Waterbeach while supporting our vision for a well-connected, sustainable community where people can live, work and thrive.”
