Thriving Investments continues scaling flagship PRS strategy, with c. £20 million investment in two single family developments

Picture Living (the “JV”) has committed c. £20 million to forward fund two single family housing (“SFH”) schemes in the South of England, totalling 42 high quality family homes for rent.

The investments maintain the JV’s momentum, bringing forward much needed, sustainable family homes across the UK, against a backdrop of slower housing delivery, higher mortgage rates and rents rising at record pace.

In the London Borough of Waltham Forest, Vistry Group will deliver 14 three-bedroom homes, the first of which will be available in mid-2024. Situated within walking distance of both Walthamstow Central Underground station and Wood Street Overground station, the scheme is part of a multi-phase brownfield regeneration project, which on completion will comprise more than 570 homes. To date, 315 of these homes have been delivered and are already fully occupied. In line with Thriving Investments’ focus on delivering sustainable communities, each home will benefit from the site-wide district heating system and PV installations.

The second scheme, in St Neots, Cambridgeshire, is being developed by Durkan Homes. It will comprise 28 three- and four-bedroom homes, the first tranche of which are already available, with the remainder due to complete by mid-2024. Residents will become part of a thriving community offering quality green space, walkways and cycle paths, alongside access to local employment and schools. The homes are just a 10-minute walk from St Neots train station, with Kings Cross a 40-minute journey away, and a 30-minute drive from Cambridge.

Picture Living has a mandate to invest in high-quality new or modern homes for rent across the UK. It currently has an AUM of c. £350 million and has amassed a portfolio in the region of 1,800 single family homes and apartments to date, including over 200 currently under construction. This investment follows a c. £25 million commitment to forward fund two SFH schemes in Essex, announced in August this year, delivering 63 homes.

James Nicholls, Investment Manager, Thriving Investments, commented: “The UK SFH market continues to go from strength to strength, having attracted over £1 billion of investment in 2023 to date, a record for the sub-sector. Investors are increasingly attracted by its combination of stable returns and real social value, and the c. £45m of investments we have made this year is testament to our expertise in this sector. We look forward to working with Vistry Group again, and to establishing our new relationship with Durkan Homes, as we continue to deliver long term value and a positive social impact in support of our mission to alleviate the chronic housing shortage in the UK.”