Aviva Investors has teamed up with Packaged Living to forward-fund the development of a residential scheme in Cambridge.
The development, comprising 101 homes to be delivered by Barratt Homes, will sit on the north-western edge of Cambridge. It will form part of the Franklin Gardens community within the wider Darwin Green masterplan, which is expected to deliver more than 1,500 homes alongside a primary school, health centre, supermarket, sports facilities and community spaces.
The new homes, consisting of two, three and four-bedroom houses as well as two-bedroom flats, will be fully electric, making use of air-source heat pumps instead of traditional gas boilers.
The development will also feature electric vehicle charging for every home, solar panels and battery storage.
The funding is the ninth investment made into the UK single-family housing market by Aviva Investors and Packaged Living since launching their build-to-rent platform in 2021. The partnership has now funded the creation of more than 1,200 new homes across the country.
James Stevens, head of real estate investment at Aviva Investors, said: “We have a clear strategy to increase our investment into rental housing across the UK, including an ambition to deploy more than £1bn in the coming years.”
Jonathon Ivory, chief investment officer at Packaged Living, said: “Franklin Gardens will deliver rental housing into an undersupplied area where demand is underpinned by a buoyant employment market.”
Mark Bailey, managing director for the East region at Barratt Developments, added: “We are committed to delivering sustainable homes and look forward to building a relationship with a partner who shares our commitment to quality and housing delivery.”
Image from Aviva Investors
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