Strawberry Star has exchanged contracts on a 685 home scheme in Luton with an end value of £260m.
The 6.9-acre site close to Luton Airport has planning for 685 homes together with a 200-bedroom hotel, and retail and leisure facilities, alongside a medical centre.
It will be built out by the newly created Strawberry Star Homes using a mix of traditional and modular build out techniques.
The starting price for apartments will be £210,000. Work will begin in autumn 2018, with phase one to be completed by the second half of 2021.
Strawberry Star has also finished the listing of its new investment structure on the International Stock Exchange in Guernsey. Strawberry Star Real Estate PCC was closed in 2017 and holds £40m in equity. The company intends to increase this to £150m by the end of 2018 with a target of £500m by the end of 2020.
Most of this equity will be deployed in developing housing schemes around London.
Santhosh Gowda, chairman of Strawberry Star Group, said: “This unique investment structure along with the Strawberry Star’s bespoke end-to-end property services in London has created lot of interest from investors in Asia, particularly Singapore and Hong Kong, and the Middle East wanting to partner with Strawberry Star in investing into the UK market, making it possible for us to develop and provide the much-needed homes.”
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