Edmond de Rothschild REIM completes 357-unit build-to-rent development in Rugby
Edmond de Rothschild Real Estate Investment Management (REIM) has completed Charolais Gardens in Rugby, the fifth build-to-rent development for its £545 million Edmond de Rothschild Residential Investment Fund UK.
Located at Railway Terrace, Charolais Gardens provides 357 one and two-bed apartments for rent in four buildings, which were developed on a phased basis. The first two buildings, which were completed at the end of last year, are fully let. The third building, which was launched in June, is already 80% let and the fourth building, which has just been completed, is currently being marketed. Rents are around £750/month for a one-bed apartment and £1,050/month for a two-bed apartment, which accords with Edmond de Rothschild REIM’s aim to create high-quality rental assets at affordable levels.
The completion of Charolais Gardens, with a gross development value of £57 million, follows those for Edmond de Rothschild Residential Investment Fund UK of Saffron Court in Nottingham, Wellington Quarter and Merlin Wharf in Leicester and Regent’s Plaza in Newcastle. The fund has six other developments under construction in Birmingham, Warrington, Nottingham, Gateshead, Glasgow and Edinburgh. The 11 developments, when completed, will provide 2,640 apartments with 4,000 tenants and a gross development value of £545 million.
The Edmond de Rothschild Residential Investment Fund UK, which invests in the private rented sector (PRS) with a focus on need and affordability, was launched in August 2018 and secured £320 million of equity from German institutional investors. It is creating a diversified portfolio of purpose-built PRS assets, delivering sustainable, stable and growing distributions over the long term. It delivers positive impact by regenerating or repurposing brownfield urban sites with the provision of new build housing. All are built in compliance with the latest UK sustainable building regulations and standards.
Using a unique and comprehensive research-led approach, Edmond de Rothschild REIM focuses on the lower-to-mid market and has identified regional cities and locations across the UK where demand for rented accommodation is strong and set to grow and where existing stock is predominantly old, poor quality and in houses of multiple occupation. Edmond de Rothschild REIM operates a vertically integrated platform and provides a lettings and management service for the completed developments from its in-house PRS team, operating under the Cording Residential Asset Management brand.
James Whidborne, head of residential fund management UK at Edmond de Rothschild REIM, said: “The speed at which Charolais Gardens is letting and the level of rents we are achieving has gone beyond even our expectations. The success of the development, similar to the experience we have had at our first four projects, endorses our strategy of focusing on the lower-to-mid market and regional locations and reflects the fundamental strength and resilience of the PRS sector in the UK”.
Zoe Innes, head of lettings, residential UK, at Edmond de Rothschild REIM, said: “Our onsite team has worked hard to create a fantastic community of residents with access to a multi-purpose reception lounge, work-from-home space, gym, stretch yoga studio and private hire kitchen/dining area, which is making Charolais Gardens a sought-after, value-proposition destination for residents”.
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