Hearthstone Investments has acquired 45 new houses in Exmouth, East Devon, from SME developer 3West Group for an undisclosed price.
The investment manager, which is focused on affordable private rented housing in the UK, purchased the properties at 3West Group’s Goodmores scheme near the South West Coastal Path.
Colin Palmer, 3West Group’s joint founder and director, said: “The South West has historically seen a shortage of institutional investment despite its robust fundamentals. This transaction marks our inaugural venture of scale with an institutional investor. We are confident that these houses will be professionally managed, meeting the needs of families wanting to rent high quality new homes in our community.
“This transaction acts as a catalyst for our Goodmores, Exmouth development comprising nearly 300 new homes. The scheme is anticipated to deliver a new primary school, a supermarket, a care home and other commercial amenities. Goodmores has already contributed over £3m in community contributions”
Helen Simons, investment director at Hearthstone Investments, added: “Our investment strategy is to build portfolios for our investors with a healthy regional balance and diversification. We pride ourselves in sourcing the best available homes from large national as well as the best regional developers.
“Our partnership with 3West Group, an established regional housebuilder, means we can facilitate construction of 45 houses within a larger development supporting jobs in the local economy. As we progress, we will be working with local agents and contractors, bringing a positive impact on employment in the region from this investment.”
