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M&G Real Estate is to finance the development of 148 Build-to-Rent homes in Montrose Crescent, a minute’s walk from Wembley Central Station in North London. The £67 million deal is the latest on behalf of M&G Real Estate’s UK Residential Property Fund managed by Alex Greaves. Sunbel Development Limited will develop the scheme, which is anticipated to be ready for residents by 2019.
As with all of M&G Real Estate’s Build-to-Rent assets, Montrose Crescent is in proximity to excellent transport links.* Residents will have the choice of one, two and three-bedroom homes in the heart of Wembley and close to the Wembley Stadium regeneration site which is set to transform the area into a thriving neighbourhood and business community. Surrounded by grocery stores, fashion retailers, cafes, and a gym, it will also be on the doorstep of a new shopping centre development 15 minutes’ walk away.
The announcement follows the recent completion of M&G Real Estate’s Rehearsal Rooms at North Acton; the first institutionally funded Build-to-Rent scheme to complete in modern times.
Alex Greaves, Head of Residential Investment at M&G Real Estate, comments: “This is our eighth funding deal in three years to finance much needed homes catering for a range of demographics. People want to live in high quality homes, near to public transport with great facilities and amenities and this is what we continue to provide.
“We have had an overwhelming amount of enquiries for The Rehearsal Rooms, which is almost fully let, reflecting the call for professionally managed homes in well-connected areas across London.
“This strong demand presents long-term growth potential and considerable diversification benefits for investors. M&G Real Estate has a substantial residential development pipeline which offers a major opportunity for institutional investors looking to capitalise on the UK residential sector.”