Redrow has teamed up with property investment company Realstar to provide two major build-to-rent schemes costing more than £180m, in London.
Redrow is to start with planning for 513 new rental homes in the Southall and Colindale districts, which when completed are to be professionally managed under the UNCLE brand.
UNCLE is a residential rental company owned and managed by the Realstar Group, a Canadian real estate investment and property management business with more than 40 years experience in the industry. The company owns and manages in excess of $6 billion of assets. In Canada, Realstar is an established estate company owning over 25,000 apartments across the country.
Since launching in the UK in 2002, the company has invested in the primary healthcare, student accommodation, hotel and rental residential sectors, including co-ownership of 13,000 hotel rooms throughout the UK.
These new developments will be the house builder’s third and fourth PRS schemes, as Redrow aims to diversify its offering into private rental homes.
The £119m deal at Redrow’s Colindale site in North London will involved the construction of 347 new flats.
Redrow’s announcement follows on from an £82.7m deal which Redrow announced with M&G Real Estate last year. This brought a further 186 new rental homes to Colindale Gardens as well as 211 homes sold to L&Q in 2016.
Located in the Burnt Oak and Colindale Opportunity area, Colindale Gardens is a £1.2bn new community, which is being created by Redrow on the site of the former Peel Centre Metropolitan Police training college.
More than 2,900 new homes are to be built over the next ten years.
At Southall in West London, Redrow will also deliver 166 one, two- and three-bedroom apartments in a £64m deal with Realstar.
The site sits adjacent to Redrow’s existing scheme The West Works, where the housebuilder is currently delivering 302 new homes as part of a mixed-use scheme.
Mark Parker, Managing Director of Redrow London, says:
“Both Colindale and Southall are quickly defining themselves as new property hotspots as they undergo significant inward investment.”