Aviva Investors and Packaged Living have acquired a £50m GDV site situated opposite Ipswich train station, with planning permission to develop 163 homes.
The jv acquired the 7.66 acres site as part of its £700m single-family housing rental strategy launched in 2021.
The 160,000 sq ft residential scheme will provide a mix of two-bed, three-bed, and four-bed homes.
Aviva Investors head of pan-European funds, real estate, George Fraser-Harding said: “We have high ambitions to continue growing our portfolio of build-to-rent homes in the UK and across Europe, and it is great to expand our partnership with Packaged Living further.
Packaged Living managing director Jonathon Ivory said: “Despite recent economic turbulence, our conviction levels for single family rental remain as high as ever. Indeed, if previous recessions have taught us anything, it is that rental residential perform relatively better than other real asset classes during times of economic uncertainty.
“For residents, if falling home prices and increased mortgage costs provide the push factor, then professional management and first-class specifications and sustainability credentials deliver the pull factor. Since inception, the BTR industry has preached the inflation-matching qualities of this asset class. That assertion has been robustly tested this year – and I’m pleased to say is passing with flying colours.”
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