Thriving Investments commits to 121 PRS homes

Thriving Investments, through its Picture Living Fund, has committed £36m to build 121 new homes for single-family rent across three locations. Picture Living has specifically targeted areas facing the most acute rental demand, focusing on the pressing need for high-quality, sustainable single family rental homes. In Birmingham, Picture Living will invest in Port Loop development, a joint venture between Places for People and Urban Splash. A total of 43 new homes will be built, with the first properties available for rent in autumn 2025.   This acquisition complements a scheme of 38 two- and three-bedroom homes recently acquired in Sutton Coldfield. Further north, and in partnership with Miller Homes, Picture Living is funding the build of 40 homes at Bishops Walk on the outskirts of Durham city centre. James Nicholls, investment manager at Thriving Investments, said: “The UK aims to deliver 1.5m new homes by 2029; to achieve this goal, we must shift how we approach housing development. Our Picture Living strategy is a prime example of how private capital can make a real difference. By working with developers and communities, we can ensure new homes meet the needs of local people while supporting the growth of a sustainable rental market. “The investment from our funder in 2024 has been instrumental in allowing us to deploy the capital to deliver these homes where they are needed most. We are excited to be partnering with our parent company, Places for People and Miller Homes to build homes that are not just sustainable but also safe, connected and will last for generations to come.” Nilam Buchanan, regional managing director for developments central and north at Places for People, added: “Port Loop is a flagship development for us, embodying our commitment to creating, maintaining and supporting thriving communities. This urban regeneration project brings together modern-day living with traditional community values. Our unique model at Places for People means we can adapt our housing tenures to meet market needs and conditions. It’s great to work with Thriving Investments to expand the range of properties available to the people of Birmingham.” Josh Bedford, group partnerships manager at Miller Homes, said: “We’re proud to be delivering 40 high-quality, single-family homes for the private rented sector in Durham in partnership with Picture Living. This deal reflects Miller’s ambition to broaden housing choice across our communities, support Picture Living’s continued success in the sector, and advance our transition to lower-carbon living. We see this as the beginning of a strong, long-term relationship and hope it paves the way for many more opportunities to work together.” Image from Thriving Investments