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Essential Living agrees loan for 249 build-to-rent homes

Bricks building housing construction

Developer and operator of homes for rent, Essential Living, has agreed a £60m loan facility for Britain’s first modular build to rent scheme in Greenwich.

The four-year club deal, funded equally by Royal Bank of Scotland and HSBC, will finance the development of 23-storey Creekside Wharf, designed by Assael Architecture. The 249-homes will include a block designed exclusively for families.

 A quarter of the apartments will be discounted to accommodate low-income households designated by the local council. Discount market rent (DMR) homes will be priced from 55 per cent of market rent and blended in with the market-rented apartments. This will be the first housing development to include DMR apartments, which are now set to be rolled out more widely under plans announced by the mayor of London.

Essential Living managing director Scott Hammond says: “The market is continuing to grow more comfortable with the emerging build to rent business model, and we are delighted to have finalised the debt position to bring forward one of our landmark developments. Against a backdrop of global uncertainty, we believe the defensive nature of residential investment will become increasingly attractive to investors and lenders.”

RBS head of PRS Chiara Zuccon says: “We’re committed to supporting the UK’s housing agenda and building homes that are purpose built for rent has an important role to play in increasing and diversifying the country’s housing supply. As part of our £1bn allocation to supporting build to rent, we have already part-funded Vantage Point in Islington, a project that has redefined standards in London’s private rented sector. We believe Creekside Wharf, with its provision of affordable housing and its innovative use of modular construction, will be another standout scheme that will greatly enhance the local community and provide much needed rental housing at a range of price-points.”




L&G build-to-rent fund tops £1bn

Legal & General now has £1bn of investment capability in build-to-rent after its investment arm secured another £170m of equity investment. Legal & General Investment Management Real Assets will add the money to its open-ended build-to-rent fund. The fund has secured more than 1000 homes under construction or in planning within Bristol, Salford and Walthamstow. […]


Newcastle Intermediaries enters HTB new build

Newcastle Intermediaries has entered the Help to Buy new build market. The lender’s range includes both the standard 20 per cent equity loan and 40 per cent Help to Buy London loan. The products include fixed term deals between two and five years for new build mortgages, which are valid for six months. All of […]


New build completions up 6% in Q3: DCLG

New build completions were 37,280 in the third quarter, up 6 per cent on Q2 and up 7 per cent year-on-year, according to the Department for Communities and Local Government. The DCLG statistics say completions were 141,690 in the year to September 2016, up 4 per cent on the same period of 2015. New build […]

China tech and Global Alpha: a new great leap forward

By Robin Geffen, Fund Manager and CEO

Internet giant Alibaba is exactly the type of entrepreneurial company that the high-conviction, top-performing Neptune Global Alpha Fund seeks to invest in. Established just 14 years ago in an apartment in Hangzhou, today Alibaba is larger than Amazon and eBay put together and is challenging some of the most powerful internet companies in the world…

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Investment risks

The value of an investment and any income from it can fall as well as rise and you may not get back the amount originally invested. Forecasts and past performance are not a guide to future performance. Some information and statistical data herein has been obtained from sources we believe to be reliable but in no way are warranted by us as to their accuracy or completeness. These are Neptune’s views and as such this document is deemed to be impartial research. We do not undertake to advise you of any change to our views.

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March was Free Wills Month! Free Wills Month brings together a group of well-respected charities to offer members of the public aged 55 and over the opportunity to have their simple wills written or updated free of charge by using participating solicitors in selected locations around England and Wales. Research by the Law Society* highlighted that only 64 […]


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