Lovell is pleased to announce a multimillion-pound partnership with Wise Living to deliver new low-rise suburban family homes specifically for the private rental sector across the UK.
Wise Living, established in 2018, is a joint venture between ICG-Longbow and the SDL Group. Wise Living aims to become a major player in the build to rent (BTR) family housing sector by challenging existing standards, creating new communities and ultimately driving improved living standards for its tenants. It is already developing several BTR schemes with a number of regional house builders and developers and is set to deliver over 5,000 BTR family homes nationwide over the next five years.
Lovell has a proven track record in housing development throughout the UK, working in partnership with local authorities and housing associations to develop high-quality new homes. The partnership with Wise Living comes as a natural extension to its current business model and is expected to generate significant growth over the next five years. Lovell will act as developer and contractor, creating homes which will be owned by Wise Living and managed by SDL Group.
The new partnership is already off to a flying start, with two schemes announced in Birkenhead and Telford, consisting of 40 and 41 homes respectively. These homes are expected to be available to let from April 2019.
David Gough, Lovell’s regional managing director for the South, commented: “This new partnership will help answer the ever-increasing demand for quality rented homes offering families the space they need in well-located neighbourhoods. We’re extremely pleased to bring Lovell’s expertise in developing and delivering new homes built to the highest standards to this new collaboration and look forward to working with Wise Living to deliver much-needed, flexible family homes.”
Andy Deller, group strategy director for SDL Group, said: “We are delighted to be working with Lovell to deliver high-quality, purpose-built family homes across the UK. This is an exciting opportunity to meet the needs of an underserved but ever-growing rental market. We are eager to bring to life our vision of revolutionising the customer’s experience of renting.”
Martin Wheeler, Co-Head of ICG-Longbow, said: “We look forward to supporting Wise Living’s new partnership with Lovell in delivering the construction of new, good quality, and accessibly priced rental homes.
“Funding residential developments is a core strategy of ICG-Longbow and since 2014 we have backed the construction of more than 4,511 residential units in the UK, including 1,831 which have been sold to third party private rental operators. Since establishing Wise Living just over a year ago, we have established a portfolio and advanced pipeline of over 1300 homes, which will be delivered over the next two years and which will ultimately create a highly predictable long-term income stream with inflation protection.”