Sable Capital, a UK real estate company focused on the living sectors, has acquired a residential development delivered by O’Shea Group and Galliard Homes in Hackney Wick, using capital from its UK BTR fund.
Sable has acquired a 176-apartment build-to-rent development located between Hackney Wick overground station and the Hertford Union canal. Known as Wickside, the development is arranged around a series of courtyards and squares with interconnecting streets, promenades and a linear park.
The scheme will offer one-, two-, and three-bedroom apartments, in addition to duplexes and townhouses, with private terraces or balconies as well as a residents-only lounge area and rooftop gardens.
Wickside was acquired from Galliard Homes and O’Shea Group, who will deliver the project. The first apartments are expected to be delivered in 2025.
Hugo Black, partner at Sable Capital, said: 'While rental inflation is cooling, year-on-year rental growth remains historically high compared to the pre-pandemic years.
'The rolling number of new applications, permissions granted and construction starts across London in Q1 24 were all more than 60% below their previous peaks according to Molior. We expect the lack of supply relative to demand will keep rental inflation at a level above the long-term average and supported by ongoing wage growth.
'This is a highly appealing site in close proximity to Hackney Wick overground station and conservation area, sitting to the north of the Hertford Union Canal and between the 213-acre Victoria Park and the 560-acre Queen Elizabeth Olympic Park.
'We are confident that Wickside will provide the very best of London BTR living and are looking forward to working with O’Shea and Galliard to deliver this major regeneration landmark.'
Sable Capital is targeting build-to-rent investments in multi-family, co-living, single-family and senior living across the UK.
This investment follows on from its acquisition of a residential development site adjacent to New Covent Garden Market in Nine Elms where construction is currently underway to deliver a 26-storey tower incorporating 201 homes for private rental as well as retail and amenity space, including a podium garden.
On Wickside, Sable was advised by BCLP and Cushman & Wakefield; Galliard and O’Shea were advised by Howard Kennedy.
