Savills has teamed up with construction and development company Willmott Dixon to develop a national portfolio of private-rented housing.
The joint venture will operate across England through a series of regional partnerships with local public sector bodies and private sector landowners. The plan is to work with landowners to maximise the value of their land assets, and bring forward sites that would otherwise be left underdeveloped.
The scheme is primarily aimed at the growing number of “in-betweeners” – often skilled people between the ages of 25-35 years who are excluded from home ownership yet ineligible for social housing. Locations are being targeted where there is a clear shortage of good-quality rented housing available. The mix of purpose-built houses and flats will be designed to meet local needs.
Both Savills and Willmott Dixon will hold an interest in each of the partnerships, with Savills sourcing the funding and managing the interests of the other equity participants.
Philip Callan, director of consultancy at Savills, said: “Our private-rented model is designed to provide a new housing option – new purpose-built rented housing with the certainty of availability and high-quality customer centred management. Our robust business model will offer investors a long-term, index-linked income stream, and private and public sector landowners the opportunity to unlock significant value from under-utilised land assets.”
james.a.kenny@estatesgazete.com
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