Aviva Investors and Packaged Living have signed a deal to acquire and develop 195 homes in Telford, Shropshire.
The 179,000 sq ft development, which was acquired from Vistry Partnerships, will create a portfolio of single-family homes for rent.
It is the first investment by Aviva and Packaged Living since they created their £700m single-family housing rental partnership in November 2021.
The units, which were forward purchased by the partnership, comprise 148 semi-detached, nine terraced and 38 detached homes.
Jonathon Ivory, managing director at Packaged Living, said: “We believe single-family rental is the next chapter in the evolution of the BTR story and we are really excited to be working with Aviva Investors to prove this concept.
“Our first project will not only provide much-needed housing to the local area, it will also demonstrate our commitment to deliver properties that are fit for the future, combining high-quality finishes with high-energy-efficiency, low-carbon solutions and, importantly, lower costs for the families that will live there.”
As part of Aviva’s net-zero by 2040 plans, the development will target an EPC-A rating for all properties.
James Stevens, head of real estate investment at Aviva Investors, said he wanted to demonstrate “how the UK’s residential market can be more sustainable and environmentally conscious”.
The homes will use air source heat pumps and electric-only energy solutions, rather than gas-powered alternatives.
The development will have electric vehicle charging points for every house with a parking spot. Timber will be sustainably sourced, and buildings will be designed to incorporate water recycling measures.
Aviva Investors was advised by law firm Shoosmiths.
To send feedback, e-mail akanksha.soni@eg.co.uk or tweet @EGPropertyNews
