Eutopia Homes and Housing Growth Partnership announce a joint venture to build two Build to Rent schemes in Exeter.
Eutopia Homes and Housing Growth Partnership (HGP) announce the completion of a joint venture which will progress two neighbouring Build to Rent schemes, totalling 144 units, in Exeter.
Both schemes form part of the wider masterplan for Exmouth Junction – a 15-acre site on a former railway junction – which will delivery 540 units in the coming years, transforming the area and providing a range of amenities in a landscaped setting.
John McKeon, Investment Director at HGP, said, “We are delighted to be supporting our first Build to Rent schemes alongside Eutopia. Scott and the team at Eutopia have a strong track record of delivery in the Build to Rent sector. We look forward to supporting Eutopia across further schemes and supporting more of our partners in the Build to Rent sector.”
Eutopia will break ground on The Hay, the first of the two developments in March 2023. The Hay will offer residents a mix of one-, two- and three-bedroom apartments, designed to the highest environmental standards. Features and amenities include a car club, electric vehicle charge points and 100 cycle storage spaces. Two roof terraces and a resident’s lounge and collaborative space on the ground floor will create a social, community focussed living experience for residents.
The joint venture will look to sell both Build to Rent schemes post a rental stabilisation period, with strong rental demand expected from young professionals in Exeter – which continues to experience a significant undersupply in accommodation in the city centre.
Scott Hammond, CEO of Eutopia Homes, said, “HGP’s investment into the emerging Build to Rent sector is great news for the industry. The Exeter schemes offer great rental prospects for professionals who face limited opportunities to rent well designed apartments. As part of the developments, we will be offering 20% of the units for key workers at a discounted market rent – the first such offering in the city.”
HGP is a social impact equity investment fund backed by Lloyds Banking Group and Homes England, who have an objective to support SME and mid-market housebuilders and developers deliver new homes.
Eutopia Homes was established in 2017 to focus on city centre Build to Rent projects close to transport hubs in key regional UK cities, with first class universities, strong retail and leisure facilities, and a strong employment base. The company has secured planning consent for over 1500 units in Birmingham, Exeter and Greater Manchester. It also has an additional pipeline of 500 residential units in Gloucester and Kent.
