Crest Nicolson and M&G Real Estate have joined forces for the third time to fund the construction of 114 private rental homes in Arborfield Green, Berkshire.
Arborfield Green will comprise one and two-bedroom apartments, which will be ready for occupation in late 2019. They will have an onsite concierge service and access to a local secondary school and leisure facilities.
Alex Greaves, Head of Residential Investment at M&G Real Estate, said: “The Thames Valley region continues to attract significant investment including provision of offices for major global corporations. This is a high value area of the south east where young people, couples and families struggle to get on the housing ladder - there is a clear and ongoing need for good quality homes for those looking for flexibility and affordability outside of London.
“It is a fantastic opportunity to partner with Crest Nicholson for a third time and I firmly believe that as we do our part to put pension fund money to good use within society, that institutional investors will continue to find the case for residential as compelling as we do.”
The new Berkshire garden village is within a short commute of Wokingham and Reading, which by the time it is completed will be connected to the forthcoming Elizabeth Line.
It forms the first part of the partnership’s intended plan to provide 200 build-to-rent units at Arborfield Green, and is based on the highly successful US multifamily sector model, where superior location, amenities and management are of utmost importance to residents.
Chris Tinker, Board Director at Crest Nicholson, explains: “The delivery of this purpose designed suburban PRS scheme is a further exciting step in Crest Nicholson’s drive to explore new models of housing delivery. Private rented housing, integrated into our suitably located larger urban and suburban developments, has the potential to underpin a meaningful increase in housing output.“