Aviva Investors has agreed to forward fund the creation of 101 single-family homes in Cambridge, continuing its development partnership with Packaged Living
The homes, which will be delivered by Barratt Homes, the country’s largest housebuilder, will form part of the Franklin Gardens community within the wider Darwin Green masterplan. Situated on the northwestern edge of Cambridge, Darwin Green is expected to deliver more than 1,500 homes when complete, alongside a primary school, health centre, a supermarket, sports facilities, as well as community spaces and parks.
The 101 new homes will include two-, three- and four-bedroom houses, as well as two-bed apartments, that are expected to provide over 1.4ha of housing. Working with Barratt Homes, Aviva Investors and Packaged Living have specified that the new homes are built to be fully electric, making use of air-source heat pump systems instead of traditional gas boilers. The development will also feature electric vehicle charging for every home, photovoltaic panels and battery storage to help support ongoing energy needs and target an EPC ‘A’ rating.
James Stevens, Head of Real Estate Investment at Aviva Investors, said: “We have a clear strategy to increase our investment into rental housing across the UK, including an ambition to deploy more than £1bn in the coming years. Franklin Gardens is another example of that commitment. Set in a prime location and part of a strong regional market, we expect it to create an excellent community offering for residents and families. We think it is a fantastic opportunity to support the delivery of housing into a dynamic region of the UK, which is well-positioned for growth and provides long-term returns for investors.”
Jonathon Ivory, Chief Investment Officer at Packaged Living, commented: “It’s great that Packaged Living and Aviva Investors are simply going about the job of facilitating much-needed new housing. This acquisition is further proof of the draw that exciting locations such as Cambridge are having on UK single-family housing. Franklin Gardens will deliver much-needed rental housing into an undersupplied area, where demand is underpinned by an extremely buoyant employment market in one of the most dynamic regions of the UK.”
Mark Bailey, Regional Managing Director, Barratt Developments, East Region, added: “We are delighted to be working with Aviva Investors and Packaged Living to deliver private rental properties which complement our already varied tenure at Franklin Gardens, Cambridge. It will provide 101 new homes to an area identified as having significant housing needs with big potential for growth. We are committed to delivering high-quality sustainable homes and look forward to building a strong relationship with a partner who shares our commitment to quality and housing delivery.”
Image provided by FTI Consulting.
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