London prime developer Avanton has shifted its strategy with a £500m land fund to deliver 5,000 build-to-rent homes.
The finance includes Avanton’s own funds and bank finance. It will support land acquisitions with further backing then brought on for the development. Avanton aims to retain and manage the assets.
Avanton will target sites with a land value of between £20m and £100m in inner London boroughs, seeking sites with consent, without consent or commercial premises with a potential for change of use.
It has a goal to develop the homes between 2021 and 2023. The developer will also explore joint ventures as part of the expansion.
Its first BTR schemes will be at the £250m Richmond development on Manor Road and the Ruby Triangle project in Old Kent Road (pictured), with 50% of homes dedicated to the tenure. It also has a third 500-flat BTR scheme in Brent.
Omer Weinberger, chief executive of Avanton, said: “The only viable solution to London’s housing crisis and the shortage of supply of new homes in the capital is delivering multiple tenure schemes and expanding BTR, intermediate and social housing provision.”
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