The build-to-rent (BTR) group Avanton is to tackle London’s housing crisis with massive plans to increase its landbank in the capital.
The Avanton Group is to tackle London’s housing crisis and has acquired a £500M fund to be utilised over a three-year period and will target the purchase and development of sites across London boroughs, including Islington, Southwark, Wandsworth, Wimbledon, Hammersmith, Lambeth, Camden, and Brent.
The group seeks to acquire sites with values of between £20m to £100m, providing for 300 to 1,000 units per development. Avanton is targeting up to 5,000 build-to-rent units between 2021 and 2023.
Omer Weinberger, chief executive of Avanton, said: “The only viable solution to London’s housing crisis and the shortage of supply of new homes in the capital is delivering multiple tenure schemes and expanding BTR, intermediate and social housing provision. This is why Avanton is currently undergoing a three-year expansion into the build-to-rent and mixed-tenure sectors. To implement this we have set aside £500m and are seeking attractive land opportunities to grow our BTR development pipeline yet further.”
Tony Chauhan, Property Partner at Bowling & Co Solicitors comments “that this is an existing prospect for the capital and one that could make use of many derelict yards and sites across the capital. This could be used to improve the capital for the future.”
This is not legal advice; it is intended to provide information of general interest about current legal issues.