Developer announces £1bn build-to-rent plan

Property developer and operator Strawberry Star has announced plans to create a portfolio of build-to-rent housing with a gross development value of £1bn.

The developer, which has offices in London and Singapore, has launched a new dedicated build-to-rent arm focused on commuter towns.

Star Living’s first development will be a 163-home scheme BTR scheme in Harlow, Essex. It has also been granted permission for a 100-home scheme in Gravesend, Kent. It will also build out the second 564-home phase of a scheme in Luton (pictured).

The group is aiming for a GDV from schemes close to London commuter towns of £1bn by 2027.

Strawberry Star, established in 2007, has more than 1,000 units and £1.4bn of assets under management in the UK.

Santhosh Gowda, chair of Strawberry Star, said, “Our vision for Strawberry Star’s Star Living arm is to be the leading income generating, diversified and scalable BTR investment platform through our unique, cost-efficient, build and operational expertise.

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“We aim to be one of the largest BTR providers in the commuter belt by 2027. Star Living brings together our existing skillsets as an end-to-end provider combined with a panel of leading contractors and consultants for significant placemaking schemes that benefit each local community.”

The announcement comes amid increasing activity in the BTR market. Figures from the British Property federation showed annual BTR completions rose by nearly a quarter last year and hit an all-time high of 14,660.