Build-to-rent developer Dandara is planning a £110m project on a former industrial estate in Staines-upon-Thames, Surrey.
Dandara will develop 397 flats and 8,600 sq ft of amenity space at the Mill Mead scheme on the 2.2-acre former Renshaw Industrial Estate.
The developer is planning two buildings of up to 11 and 13 storeys, with a mix of one-, two- and three-bedroom flats and six townhouses.
The scheme will include a gym, residents’ lounge and concierge, public realm, car parking and children’s play area. It has been designed by architect Hodder+Partners.
Detailed plans lodged with Spelthorne Borough Council supersede a previous outline consent secured in 2018 for 275 homes.
Pending consent, the developer hopes to begin construction in Q1 2022. The development will be built and managed by Dandara Living, which will bring an investor alongside at some point in the development process.
The regional developer last year secured £400m from German investor ECE for a seed portfolio of three completed schemes in Birmingham, Leeds and Manchester. The landmark deal attracted attention from major investors including US BTR giant Cortland in a joint venture with PIC and LaSalle IM.
Dandara Living is growing its presence in smaller cities. It has 2,700 homes under management across five schemes and a development pipeline of 4,400 properties across a further 11 sites in eight cities, including Bristol, Birmingham and High Wycombe. It aims to increase this with three or four acquisitions this year, adding a further 1,250 homes to the pipeline.
As BTR matures, with record levels of investment last year, developers are expanding to new locations in secondary cities where affordability is squeezed.
Last year, Delph Property Group acquired a block of flats in Staines from London Square for its first operational BTR scheme and others are increasingly turning to commuter locations in Surrey, including Woking and Guildford.
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