Construction company Wavensmere Homes has appointed ACRE Capital Real Estate to market a portfolio of 262 single-family houses located across city centres in the Midlands for over £60 mln (€70 mln).
Designed by Glancy Nicholls Architects, Wavensmere Homes has been purpose-designed for institutional ownership in the rental market. 50% of the portfolio – which is being launched to the market as a forward commitment opportunity – will be located at the housebuilder’s £75 mln Friar Gate Goods Yard redevelopment in Derby, which received planning committee approval in April 2024.
The locations of the other 50% of homes in the portfolio for sale are yet to be confirmed. Once the company’s other schemes progress through planning, Wavensmere Homes would be able to confirm where the other 50% of homes will be.
With a target EPC rating of A, the two- and three-bedroom houses will be available for occupation between 2026/27. Each house will have an EV car charging port, an air source heat pump and solar PV panels.
'This significant and highly desirable housing portfolio will be of interest to institutional funds, particularly those specialising in Build to Rent. We are inviting offers in excess of £60m, which reflects an attractive net initial yield of 5.00%. Wavensmere’s proven track record for above average capital growth in burgeoning regeneration hot spots makes this an exceptionally exciting investment proposition,' said Mark Wilson, partner, Acre Capital Real Estate.
