Inland Homes secures two ‘Build to Rent’ sales worth £52.8m as Kooky adds to its portfolio in High Wycombe
Inland Homes has announced two sales valued at £52.8 million to two Build to Rent (BTR) Funds at its Centre Square and Buckingham House developments in High Wycombe, demonstrating the attractiveness of the brownfield regeneration specialists’ assets within this growing market.
Kooky, a new boutique BTR brand, has acquired Inland Homes’ Buckingham House development in High Wycombe, consisting of 85 units purchased at £21.3 million, adding to its growing portfolio of branded BTR properties in key locations surrounding London. The second development sold by
Inland Homes was 123 units for £31.5 million at its Centre Square development in High Wycombe.
Inland prides itself on the flexibility in its business model to seize new market opportunities and its move into the rapidly growing BTR market evidences this. The company committed to making a move into this space in 2019 and subsequently stated it was a priority for 2020. Unlike others, Inland Homes offers both the land and build capability, making the company an attractive proposition to prospective investors.
"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,” said Stephen Wicks, Chief Executive at Inland Homes.
"We are delighted therefore to announce these latest land sales at Centre Square and Buckingham House to two highly-respected operators in this market. As these deals evidence, and following the completion of land sales at Wilton Park and Cheshunt Lakeside, there is sustained demand from investors, housing associations and other developers for our high-quality land assets and our build expertise.
"This is particularly pleasing and a testament to the Group when considered against the ongoing global COVID-19 economic uncertainty."
Nicholas Belkin, Head of Acquisitions at Kooky, added: “‘Taking up the opportunity to work with Inland Homes proved to be a fluid acquisition from agreeing the deal through to exchange. The team at
Inland were always on hand during the legal process. We are excited about our first Kooky rental building in High Wycombe and further deals to come with Inland Homes.”
While still only accounting for a small part of the marketplace – around 2-3% - BTR has been the fastest-growing part of the rental sector since 2016, seen as a low-risk option for institutional investors[1]. Indeed, the latest British Property Federation BTR map of the UK reveals there are now 167,853 BTR homes in the UK, of which 47,754 are complete, 34,132 under construction and 80,730 in planning. Outside London there are 90,285 homes and inside London there are 77,568 properties2.
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