Aviva Investors and United kingdom construct-to-rent developer Packaged Living have signed an agreement to acquire and develop 195 energy-efficient homes in the West Midlands town of Telford, Shropshire.
It is the first investment made since the two firms announced a partnership in November 2021, which will create a single-family rental platform of suburban properties across the UK, increasing the supply of affordable homes whilst also supporting the transition towards a low-carbon future.
The 195 units forward purchased by the partnership consist of 148 semi-detached, 9 terraced and 38 detached homes, and together will provide over 179,000 sq ft of family housing.
The properties form part of the wider Charlton School development in Telford, set on the former site of a secondary school and owned by established UK housebuilder, Vistry Partnerships.
As part of Aviva Investors’ commitment to achieving net zero across the entirety of its Real Assets platform by 2040, the partnership will focus on creating sustainable communities, targeting an EPC-A rating for all properties under development and offering highly energy-efficient homes designed to minimise energy usage and costs for families.
Three years ahead of government policy, all homes constructed by the partnership will use air source heat pumps and electric-only energy solutions, rather than gas-powered alternatives for heating and ongoing energy needs.
The development will also feature electric vehicle charging for every dwelling with an associated parking space, whilst all timber will be sourced from sustainable sources and buildings will be designed to incorporate water recycling measures. An ecologist will also be appointed to undertake a biodiversity assessment, with the Partnership looking to achieve a positive impact upon completion of the project.
James Stevens, Head of Real Estate Investment at Aviva Investors, said: “As one of the UK’s largest investors in real estate, property and infrastructure, it is hugely important that – consistent with our values – we make a material contribution to the transition towards a low-carbon future, using our size and influence to create meaningful change. With the built environment accounting for a large proportion of total emissions in the UK, our project in Telford is an exciting opportunity to create a community with high social value, which also leads the way in demonstrating how the UK’s residential market can be more sustainable and environmentally conscious.
Jonathon Ivory, Managing Director of Packaged Living, commented: “We believe Single Family Rental is the next chapter in the evolution of the BtR story and we are really excited to be working with our partners Aviva Investors to prove this concept. Our first project will not only provide much needed housing to the local area, it will also demonstrate our commitment to deliver properties that are fit for the future, combining high quality finishes with high energy efficiency, low carbon solutions and importantly lower costs for the families that will live there.”