Latest News | 12 June 2024

Housebuilder releases £60 million portfolio to market

Wavensmere Homes
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Wavensmere Homes has appointed a real estate firm to market a portfolio of family homes located across city centres in the Midlands, including Derby.

It has appointed  ACRE Capital Real Estate’s operational living team to take a new portfolio of 262 single-family houses to market for offers in excess of £60 million.

Designed by Glancy Nicholls Architects, Wavensmere Homes’ bespoke house type has been purpose-designed for institutional ownership in the rental market.

Half of the portfolio – which is being launched to the market as a forward commitment opportunity – will be located at the housebuilder’s £75 million Friar Gate Goods Yard scheme in Derby, which recently received planning permission.

With a target EPC rating of A, the two- and three-bedroom houses will be available for occupation between 2026-7.

James Dickens, managing director at Wavensmere Homes, said: “Constructing two- and three-storey houses in city locations is in direct contrast to the prevalence of mid to high-rise apartment blocks that have adorned urban skylines over the past 25 years.

“But not everybody wants to live in a flat. There is huge demand for eco-focused single-family housing that’s close to major centres of employment, retail, leisure, healthcare, and a wide range of education provision.

“Working with ACRE Living’s specialist team, we are excited about the global appeal this portfolio sale could generate.

“The eventual deal could enable us to accelerate our construction programmes, boost local supply chains, and acquire additional regeneration land ahead of our current business plan projections.”

Wavensmere Homes’ plans for the 11.5-acre Friar Gate Goods Yard site – located off the Uttoxeter New Road in Derby city centre – sets out the vision for the reanimation of two landmark Grade II listed buildings into over 110,000 sq ft of commercial space, alongside 276 new build homes.

Extensive new areas of open space, including play areas and pocket parks will also be installed, to help enhance the biodiversity of the site, which has lain derelict since 1972.

Mark Wilson, partner at ACRE Capital Real Estate, said: “This portfolio of over 260 new city centre houses presents a unique opportunity within the UK residential market.

“Wavensmere Homes has accrued a remarkable reputation for urban regeneration and delivering major housing-led schemes within inner cities and towns.

“This significant and highly desirable housing portfolio will be of interest to institutional funds, particularly those specialising in build to rent.

“Wavensmere’s proven track record for above average capital growth in burgeoning regeneration hot spots makes this an exceptionally exciting investment proposition.”

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