Edmond de Rothschild REIM completes build-to-rent development in Nottingham for its residential investment platform
Edmond de Rothschild Real Estate Investment Management (REIM) has completed the Lace Market Quarter build-to-rent development in Nottingham for its UK residential investment platform.
Located at 10 Short Hill, the development is a partial refurbishment of Grade II-listed buildings and a partial new build. It provides 117 studio, one and two-bed apartments for rent across four adjacent blocks, linked by a central, communal landscaped courtyard. The unit mix along with 27 lower ground parking spaces meets the strong demand in the Nottingham market.
Edmond de Rothschild REIM expects to achieve rents that are affordable for the majority of the population in the local market seeking rented accommodation, which accords with its aim to create high-quality rental assets at affordable levels. The development is managed and operated by Edmond de Rothschild REIM’s in-house private rental sector platform and builds on the success of Saffron Court, its first development in Nottingham.
The completion of Lace Market Quarter adds to Edmond de Rothschild REIM’s growing portfolio of stabilised assets. It follows those in Glasgow, Leicester, Newcastle and Rugby with four further developments under construction in Birmingham, Warrington, Gateshead and Edinburgh.
In the UK, Edmond de Rothschild REIM invests in the private rented sector (PRS) with a core conviction and focus on need and affordability. The platform was initially launched in August 2017 to create a diversified portfolio of purpose-built PRS assets, aiming to deliver sustainable, stable and growing income distributions over the long term. Alongside its PRS portfolio the platform has subsequently grown and evolved to also include regulated housing.
The platform delivers positive impact by regenerating or repurposing brownfield urban sites with the provision of new-build housing. All developments are built in compliance with the latest UK sustainable building regulations and standards with efficiencies delivered by the vertically integrated residential platform at Edmond de Rothschild REIM UK.
James Whidborne, Head of residential fund management UK at Edmond de Rothschild REIM, said: “This is our second PRS project in Nottingham after Saffron Court, which reflects our enthusiasm for the city. Half of the population is under the age of 29, with very high graduate retention and a thriving biotech, life sciences and service sector industry. Demand for homes to rent is very high and we expect strong demand for our apartments”.
Zoe Innes, head of lettings, residential UK, at Edmond de Rothschild REIM, said: “We are very excited to launch the Lace Market Quarter, which due to its city centre location, the unique character within each of the flats and the quality of finish is already attracting young professionals. The unusual mix of charming period conversion apartments in the two listed buildings and the new build section with far-reaching views of the city combines with the benefits and convenience of build-to-rent living”.
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