Housebuilder and brownfield specialist reaps reward from move into private rented housing
Housebuilder and brownfield land regeneration specialist Inland has sold two developments containing more than 200 homes to a pair of private rented housing landlords.
Inland said the two schemes in High Wycombe, made up of 208 homes, had been sold for a total of £52.8m, demonstrating the firm’s success in its move in to the build to rent market, which it set as a priority for 2020.
Inland said the 85-home Buckingham House development had been sold to start-up landlord Kooky for £21.3m, while the 123-home Centre Square development had been sold to another build to rent fund for £31.5m.
Stephen Wicks, chief executive at Inland Homes, said: “We have a substantial number of sites which are suitable for rental housing and as we reported in last year’s accounts, securing ‘Build to Rent’ opportunities has been a priority for the Group this year.”
Nicholas Belkin, head of acquisitions at Kooky, said further deals with Inland were possible. “‘Taking up the opportunity to work with Inland Homes proved to be a fluid acquisition from agreeing the deal through to exchange.”
According to the British Property Federation there are now 167,853 purpose built rented homes in the UK, of which 47,754 are complete, 34,132 under construction and 80,730 in planning.