Wise Living has announced it will be delivering nearly 90 new 'quality' rental properties across two schemes in Mansfield, which will be in addition to its existing site of 75 units.
The Build to Rent (BTR) specialist says the build programme is already underway at the new Bath Lane development, the second of many projects the firm is working on in partnership with Strata. Construction is set to complete in autumn this year and, once finished, will offer 36 one and two-bedroom homes.
Meanwhile, the second development, estimated to be worth £7.3 million, will be built across the road from its existing scheme The Old Brewery on Great Central Road. The site will be made up of 51 new homes, including 27 one and two-bedroom apartments and 24 two and three-bed houses.
This site is being built in partnership with Keon Homes, the third development the two companies have collaborated on following sites in Coventry and Wolverhampton.
Overall, the Great Central Road and Bath Lane sites will take Wise Living’s properties in Mansfield to 162, following the launch of The Old Brewery last year. Both have been funded by PGIM Real Estate.
“Regardless of the impact of the pandemic, we have continued to see high demand within the Build to Rent market during the last 18 months. The East Midlands is a key region in our strategy, and we know renters in Mansfield want quality family homes with easy access to key amenities - you only have to look at the success of The Old Brewery in 2021 to see how high demand is," Mark Gratton, land and partnerships director at Wise Living, said of the growing number of sites in Mansfield.
“This announcement marks our growing portfolio in Mansfield and alongside our key partners, Strata Homes and Keon Homes, we have plans in place to continue to provide high-quality rental properties in areas of cities and towns where there is high demand, but a clear under supply to meet it."
He added: “Our own research in 2021, showed that almost half of UK renters want to live in areas that have easier access to green spaces - so we know it’s locations like here in Mansfield where people want to live. Working with like-minded housing developers is a core part of our model and we are delighted to be delivering these two much-needed sites to Mansfield alongside Strata and Keon.”
The announcement continues a string of BTR developments that Wise Living has delivered to suburban areas of smaller cities and large towns during the last few years, including in Wolverhampton, Coventry, Boston, Rotherham and Birkenhead.