There has been further activity in the burgeoning Build to Rent sector, with new partnerships being announced and new developments launched.
Firstly, US investor Viventi Capital Management recently appointed leading property manager FirstPort as its first Build to Rent partner in the UK, committing £100 million to one of the property industry’s fastest-growing marketplaces.
The funding, which is being provided by institutional investors, will go towards a range of projects in key regional cities around the UK, with sites varying in size from 250 to 400 units
Viventi, founded by American Charles Flynn in 2016, will work closely with FirstPort - the UK’s largest residential property manager – to try and deliver a successful British model that covers ‘all aspects of developing and delivering the very best customer experience for BTR customers’.
Flynn, who is also the chief executive of Viventi, said the ‘strategic partnership’ with FirstPort will provide the specialist investor developer with the scalability and expertise to help ‘design, operate and maintain a portfolio of Build to Rent communities across the UK’.
Nigel Howell, chief executive at FirstPort, also commented on the partnership. “Working with Viventi from the start of the planning process ensures we deliver what BTR customers want,” he said. “FirstPort will also be the single point of contact for the customers - from helping them secure a tenancy, to looking after their home. This complete model, which will see us going ‘behind the front door’ is what BTR customers want, and we are delighted to use our expertise to deliver a first-class service for them.”
Elsewhere, The Anaconda Cut – the newest Build to Rent development in Salford – recently launched. The 44 storey, 131 metres-tall tower was funded by real estate investment firm Europa Capital and will be managed by Atlas Residential UK.
It’s officially the tallest building in Salford, a thriving city which has been boosted by the arrival of MediaCityUK in recent years, and sits in the Greengate area on a previously disused car park. The former car park marks the entry into Salford as you cross the river Irwell from Manchester city centre and lies on the western fringe of MediaCityUK.
In keeping with other Build to Rent developments, The Anaconda Cut will offer luxury rental accommodation and amenities and forms part of the wider masterplan for Greengate, which will see a substantial number of residential developments being delivered over the next ten years to transform the area into a vibrant new community.
The new development is a five minute walk away from Harvey Nichols and Selfridges (two of Manchester’s flagship stores) and 20 minutes from the uber-trendy Northern Quarter. It’s also close to Manchester Arena and Manchester Victoria station.
It aims to offer an alternative to ‘traditional’ rental living and promises to raise the bar for Build to Rent in the UK. It comprises 349 spacious fitted-out apartments ranging from one to three-bedrooms, all with floor to ceiling glazed windows.
In an effort to enhance community living - a key tenet of the Build to Rent movement - all the units have been designed to the highest specification with ‘carefully curated amenities’ integrated throughout, while the building also operates a pet-friendly approach for those tenants eager to move animals in with them.
The tower also includes a 24 hour hotel-style foyer with concierge and a mezzanine co-working space, as well as a sky lounge relaxation area, communal roof terraces and a cinema screening room. Residents will also benefit from a state-of-the-art gym, offering a number of yoga sessions and HIIT (High Intensity Interval Training) workouts.
Salford has been something of a hotbed for new Build to Rent developments in recent times, with various schemes launched or under construction in Salford Quays, as well as The Slate Yard, Legal & General’s first BTR scheme, which opened in the city in early summer 2017.