Wise Living has completed the purchase of Langley Mill, a 6.6 acre site in the East Midlands for its build-to-rent (BTR) portfolio.
Langley Mill is the second acquisition for Wise Living, a venture financed by specialist asset manager ICG-Longbow, working alongside delivery partners SDL Group.
The Langley Mill site on Amber Drive, which occupies a prime location on the outskirts of the town centre, already has detailed planning for 92 houses and will have a new application submitted in the autumn for up to 140 high quality rental homes. These will be ready for occupation in late 2019/early 2020.
This acquisition follows the purchase of the former Mansfield Brewery site in Mansfield, which was granted planning permission at the Planning Committee Meeting on 30th August for 75 family homes. Construction starts next month, with the company now on track to deliver more than 200 homes for rent in 2019.
The development team is working with land agents, local authorities, house builders and contractors to bring thousands of new detached and semi-detached homes for rental to the regions over the next three years.
Advanced talks are underway to acquire a number of further sites across the East Midlands, West Midlands and Yorkshire with further announcements expected in the coming months.
Andy Deller, Group Strategy Director at SDL Group, added: “The acquisition of two key sites in such a short time frame is a clear indication of our commitment to the BTR sector and our ability to source sites and complete the purchase process swiftly.
“We now have a mandate to build circa 200 new detached and semi-detached homes in two key areas, with a pipeline of sites to follow in the coming months.
“The new properties will be professionally managed by the SDL Group, which currently manages more than 35,000 homes.”
Martin Wheeler, Co-Head of ICG-Longbow, added: “We are delighted to have secured our first two sites in the Midlands and look forward to supporting the construction of new, good quality, and accessibly priced rental homes.
“The Wise Living strategy is to regenerate vacant sites with modern, high quality, accessibly priced housing, which will be available to rent to local families and we look forward to delivering both schemes in the coming months.”