A new build-to-rent (BTR) development in Hull is a step closer to being delivered after planning permission was granted by Hull City Council.
The £6.6M development will be the first of a number of projects undertaken in partnership between BTR provider Wise Living and developer Strata Homes. It is also the first Wise Living project in collaboration with, and to be funded by, PGIM Real Estate.
It will see 50 BTR homes, including two, three and four-bedroom properties, built on the Preston Road site in the Marfleet area of the city.
The plans form part of a large regeneration project which is being delivered by Strata, Keepmoat Homes and Homegroup. Once complete, the site will be home to more than 500 new units with the 50 BTR homes forming part of phase one of the project.
Approval of the development comes at a time when BTR has seen a surge in growth in the UK not just in major populous areas, but in smaller towns and cities too. In Q1 of 2021, the sector received an estimated £1.2 billion investment, 335 per cent higher than Q1 in 2012.
Mark Gratton, land and development director at Wise Living, said; “We are really pleased that our first BTR development in partnership with Strata has been given the green light following exchange of contracts. Together we will deliver quality private rental properties to the City of Hull and we can’t wait for construction to get started in the near future. We are delivering this project at a time when demand from families for high-quality rental properties in suburban areas is on the rise. Remote working is here to stay for many, meaning people now have more flexibility over where they live, and they are choosing quieter areas with easier access to green spaces. We have already seen this through our suburban BTR developments in Mansfield and Telford.
He said: “Working with developers who share our ambition to deliver high-quality rental properties in the suburbs has been central to our strategy and why we see Strata as such a key partner. We look forward to delivering more BTR developments in partnership with Strata in the coming months, with progress already made on additional sites in Mansfield for 36 units and Nottingham for 113 units as part of our growing pipeline together.”
Wise Living also has developments in Mansfield, Telford, Birkenhead, Coventry, Boston, Rotherham and Wolverhampton.
It was announced earlier this year that PGIM Real Estate has acquired a portfolio of single-family BTR homes from Wise Living. Comprising five existing developments and three development sites, the deal includes a total of 433 units, which Wise Living will continue to manage on PGIM’s behalf. Preston Road in Hull is the first of the three new development sites to be announced following the deal.