Strawberry Star, a UK residential developer and property services company, has exchanged contracts on a residential-led mixed use development scheme in Luton, Bedfordshire.
The £260m (€293 mln) scheme on a 2.8-hectare site close to Luton Airport will deliver 685 homes together with a 200-bedroom hotel, retail and leisure facilities, a state-of-the-art medical and wellness centre and public realm.
The homes will be built by the company’s newly created division Strawberry Star Homes using a mix of traditional and novel construction technologies, including elements of modular homes, to deliver homes at lower capital values for first time buyers. The starting price for the apartments will be £210,000.
Work on the scheme, which has full planning consent, will begin in the Autumn this year, with phase one to be completed by the second half of 2021.
Santhosh Gowda, Chairman, Strawberry Star Group, said: 'The Luton scheme is a major investment for Strawberry Star and takes us one step closer to delivering quality homes at lower capital values for aspiring first-time home-buyers living and working in and around London'.
Lisitng
At the same time, Strawberry Star announced the closure and listing of an investment structure on the International Stock Exchange in Guernsey. Strawberry Star Real Estate PCC, which was closed in 2017, currently holds £40 mln of equity. Strawberry Star said the vehicle structure is on track to increase to £150 mln by end-2018 with a target of £500 mln equity by end-2020. Most of this equity will be deployed in developing housing schemes around London.
