Aviva Investors has completed the forward-funding of 189 new single-family homes (SFH) in Houghton Regis, Bedfordshire, as part of its partnership with Packaged Living.
This investment, which is the tenth single-family housing development by Aviva Investors and Packaged Living, increases the total fund commitment to more than £500m since the partnership launched in 2021.
The development, which will be constructed by Dandara Homes, will provide 177 two-, three- and four-bedroom houses in addition to 12 two-bedroom apartments on a site that sits within Phase One of Linmere – a 610-acre mixed-use development situated on the north-west outskirts of Houghton Regis, being delivered by Land Improvements Holdings.
Once complete, the wider scheme at Linmere is expected to comprise more than 5,000 residences and 1.5m sq ft of commercial space and resident amenities.
James Stevens, head of real estate investment at Aviva Investors, said: “With more than £500m already invested in UK single-family housing, this is another example of our ambition to deploy more into the sector. We are very pleased to support the delivery of new homes at Linmere and to contribute towards the creation of a new, amenity-rich community for residents.
“By making energy-efficiency a central feature of these homes and making use of modern heating solutions, we believe this is another example of how our investment activity can help families get ready for the future whilst also delivering long-term outcomes for our investment portfolio.”
Jonathon Ivory, chief investment officer at Packaged Living, added: “Investor and consumer demand for sustainable single family rental housing continue to occupy two sides of the same coin. The government’s mission to deliver 1.5 million new homes during this parliament is a call to action shared by all developers, irrespective of tenure, including and especially build-to-rent specialists like Packaged Living.”
Simon Pendlebury, managing director of Dandara Northern Home Counties, said: “This will be our fifth development delivered in partnership with Aviva Investors and Packaged Living, and this alone underscores the importance of providing these homes to much needed communities. Previous projects similar to this have delivered modern, energy-efficient homes to rental markets, and we expect Linmere to be no different. We look forward to unlocking rental homes for those in the Houghton Regis community, with investment in single-family housing a fundamental element of our long-term strategy at Dandara.”
