Delph Property’s Kooky has acquired two build-to-rent schemes in Barnet for £33m.
The platform has purchased a block of 69 flats at Millbrook Park in Mill Hill and 39 flats at Oakleigh Grove in Whetstone from Taylor Wimpey.
Kooky shifted its BTR strategy to acquiring build assets from housebuilders earlier this year and has grown the platform to four schemes with 263 flats in eight months.
It has a goal to build a portfolio of 300 flats with an end value of more than £100m within a year and will replicate this growth over the next four years.
The developer is targeting schemes of 70 to 300 units in regional city centre locations or within a one-hour commute of London, offering competitive rents in place of expensive amenities.
In Barnet, like the previous schemes, Kooky will work with the developer on design in the final stages to kit out built schemes and then lease and manage them.
Howard Crocker, managing director at Kooky, said: “We are confident that Mill Hill and Whetstone will achieve high rental demand. Both offer a wide array of local amenities, and our ability to work quickly and efficiently with Taylor Wimpey meant we were able to seize the opportunity.”
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