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Wavensmere Looks To Sell £60 Million Midlands Homes Portfolio

By June 2024 News

Half Of Houses in Portfolio Are Being Built at the Friar Gate Goods Yard Redevelopment in Derby

Birmingham-based developer Wavensmere Homes is looking to sell a portfolio of 262 single-family houses based in city centres across the Midlands, seeking offers in excess of £60 million, or a net initial yield of 5%.

The housebuilder has instructed ACRE Capital Real Estate’s operational living team to sell the portfolio, of which half is homes being built at its £75 million Friar Goods Yard redevelopment in Derby city centre. They are being developed for institutional ownership in the rental market.

The multimillion pound scheme was approved in April and comprises two- and three-bedroom houses targeting EPC A. They will also have EV car charging ports, air source heat pumps and solar PV panels to generate green energy.

Mark Wilson, partner at ACRE Capital Real Estate, said in a statement: “This significant and highly desirable housing portfolio will be of interest to institutional funds, particularly those specialising in build-to-rent.”

The company also has £150 million plans to redevelop Wolverhampton’s Canalside South, where it intends to build more than 500 “eco-focused homes” and commercial amenities across 17.5 acres. Other locations in its development pipeline include central Birmingham.

James Dickens, managing director of Wavensmere Homes, added: “We are excited about the global appeal this portfolio sale could generate. The eventual deal could enable us to accelerate our construction programmes, boost local supply chains, and acquire additional regeneration land ahead of our current business plan projections.”

By Luke Haynes
CoStar News 
June 5, 2024 | 1:53 P.M.

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