Picture Living has committed £23m to forward fund two single family residential schemes in Essex, which will deliver 63 high quality homes for rent.
In Coggeshall, north Essex, Vistry Group will deliver 36 homes, the first of which will be available at the start of 2024. Residents will enjoy a countryside market town location, with the benefit of close travel links to the A12 & M11 as well as direct train links into London Liverpool St.
The second scheme, in Elsenham, north-west Essex, will be developed by Dandara and will deliver 27 homes, with the first units completing in summer 2024. It is well located by the M11, with Stansted Airport and Bishop’s Stortford nearby, whilst the village railway station also connects directly into London Liverpool St.
James Nicholls, Investment Manager, PfP Capital, said: “We are delighted to have exchanged on our next deal with Vistry Group and partnered for the first time with Dandara and we look forward to working closely with both companies as we deliver each respective scheme. We gladly align ourselves with like-minded firms, allowing us to leverage each other's strengths and expertise to bring more professionally managed rental homes to the market.”
With strong end user demand and growing appetite from housebuilders to de-risk their schemes, Picture Living is looking to grow the portfolio over the next 12 months.