Aviva Investors has acquired a site near Ipswich town centre with planning for more than 163 family homes, for an undisclosed price.
The 7.66-acre site, which will be delivered in partnership with BTR developer Packaged Living, sits along the north bank of the River Orwell opposite Ipswich train station and will offer two-, three- and four-bed homes.
All the homes will use air source heat pumps and EV charging infrastructure will be fitted to each house. It has also been stipulated that the new homes will have a minimum EPC rating of B.
James Stevens, head of real estate investment at Aviva Investors, said: “We are pleased to add a further scheme to our portfolio of residential developments, which will help to provide energy-efficient and affordable housing to an undersupplied market. The project also continues our programme of actively improving the energy efficiency standards of new homes in the UK, thereby lowering ongoing energy costs for families living in them and ensuring this scheme can deliver value long into the future.”
George Fraser Harding, head of European funds at Aviva Investors, added: “We have high ambitions to continue growing our portfolio of build to rent homes in the UK and across Europe, and it is great to expand our partnership with Packaged Living further. Our intention with this scheme is to create a housing community of great quality, offering local amenities to residents whilst also being in such close proximity to a town centre that we believe has exciting growth dynamics.”
Jonathon Ivory, managing director of Packaged Living, said: “Despite recent economic turbulence, our conviction levels for single family rental remain as high as ever. Indeed, if previous recessions have taught us anything, it is that rental residential performs relatively better than other real asset classes during times of economic uncertainty.
“For residents, if falling home prices and increased mortgage costs provide the push factor, then professional management and first-class specifications and sustainability credentials deliver the pull factor. Since inception, the BTR industry has preached the inflation matching qualities of this asset class. That assertion has been robustly tested this year… and I’m pleased to say is passing with flying colours!”
David Hirschfield, director of Galliard Homes, added: “We are delighted to partner up with Aviva Investors and Packaged Living to deliver for them 163 best in class houses in a significant growth area of Ipswich with excess rental demand.
“In a high inflation environment this deal demonstrates the old adage that residential assets continue to be a robust hedge against inflation. We look forward to working and partnering with Aviva Investors and Packaged Living going forward to expand our collective build to rent portfolio in the UK.”
