A £40.6 million deal at an Essex development marks a major milestone for housebuilder Hopkins Homes and Invesco Real Estate, the US$85bn real estate investment manager, as it represents the first ever Private Rental Scheme (PRS) agreement for Hopkins Homes and the first for Invesco Real Estate in the UK.
The PRS deal at Beaulieu in Chelmsford will see the development of 99 build-to-rent homes for Invesco Real Estate. These homes will form part of the wider Beaulieu development, where Hopkins Homes is building a total of 246 homes, with 67 designated as affordable housing.
The development, which is 30 miles from London, is due to launch in January 2025.
Duncan Jackson, Managing Director of Hopkins Homes, part of the untypical group, said: “This deal is an important milestone for Hopkins Homes as it sees us successfully diversifying our approach to new developments. With the Private Rental Scheme sector continuing to expand in response to affordability challenges in the housing market, this agreement reinforces our commitment to addressing evolving housing needs while also strengthening our market position in the region.
“Beaulieu marks another first for us as we introduce timber frame construction for the first time. This approach allows us to deliver homes more quickly and efficiently, whilst enhancing the energy efficiency of our homes and lowering our embodied carbon footprint.”
Rob Johnston, Managing Director – Head of Investments, UK & Nordics at Invesco Real Estate, said “We are delighted to have agreed a deal that will see Hopkins Homes deliver a range of distinctive new homes from one to four-bedroom properties, including apartments.”
“Situated near London, Chelmsford is a dynamic city with exceptional transport connections. This PRS deal will enhance the housing options for those seeking to reside in an area that’s not only conveniently close to the capital but is also emerging as a growth centre. Chelmsford’s vibrant atmosphere and strategic location make it an increasingly attractive choice for residents and businesses alike. We are proud to add this scheme to our German institutional investor’s growing pan-European residential portfolio.”
Rebecca Trueman, Associate Director, Savills Operational Capital Markets, added: “We are pleased to have advised on this milestone deal, contributing to the estimated £300bn investment needed to deliver an additional one million homes in the Private Rented Sector by 2031. This transaction reflects the continued attractiveness of the single-family housing sector marking both Hopkins Homes and Invesco Real Estate’s debut into the space on an award-winning masterplan, whilst addressing the UK’s housing gap with high quality and sustainable homes.”
Hopkins Homes at Beaulieu will also include a local retail centre and areas of public open space, including a landscape corridor, The Ryde. Access to central London takes just over 30 minutes from Chelmsford station, with an onsite train station due to open at the end of 2025.
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