Development and urban regeneration specialist, Sigma Capital Group, is celebrating the letting of its 2000th new-build home for the private rented sector.
The property is located at the Baytree Lane development in Middleton, a 110-home scheme comprising two, three and four-bedroom rental homes, and is being let under Sigma’s “Simple Life” brand.
Baytree Lane, which Sigma is in the process of delivering with its principal construction partner Countryside Properties, is a prime example of a Sigma development site. The houses are all built to high specification and benefit from their proximity to local transport networks, local amenities, as well as a number of highly-rated schools in the area.
The majority of the 2,000 homes let to date were constructed for Sigma’s early PRS partners, Gatehouse Bank and UK PRS Properties. Sigma brings together funding, construction and land resource, and is now focused on delivering new homes for The PRS REIT plc. This company was launched in May 2017 and is investing around £900m in delivering a portfolio of high quality, new-build rental homes, across the major conurbations of England.
Currently over 1,300 homes are under construction for The PRS REIT plc, with around £437m committed to additional development sites.
Graham Barnet, Sigma’s Chief Executive, said: “I am delighted to report the letting of our 2,000th home for the private rental sector. We launched our PRS platform some three and a half years ago, with the support of our partners, and it is very encouraging to have reached this milestone.
“We are focusing our efforts on delivering desirable, professionally managed homes for middle-income tenants, young couples and families. The need for families to have access to good quality rental stock is increasing dramatically in the UK. Currently there is a significant shortfall across all housing tenures, with recent research suggesting that some 340,000 new homes need to be built every year until 2031 to meet current and future demand.
“Our model plays an important part in addressing these housing issues, and, with our partners, we look forward to assisting in the delivery of many more thousands of new homes.”
Louise Holleran, an existing resident of the Baytree Lane development, commenting on her new home and her Simple Life experience, said:
“Renting through estate agents, we’d had some terrible experiences, with homes in bad states of repair. In one property, we only lasted six months.
“We needed a home to cater for the five of us, and the fact that we could get a brand-new house with Simple Life was fantastic. It’s a great place to live.”