Sigma, the private rented sector specialist, is pleased to announce the completion and letting of its 1,000th rental home. This milestone event takes the gross development cost of the new homes completed by Sigma’s PRS platform to £120m since construction commenced in December 2014. The rental income stream from these new homes is in excess of £8.0m per annum.
The new homes have been built for Sigma’s funding partners, Gatehouse Bank and UK PRS Properties, with a proportion built for the Company’s own self-funded portfolio of PRS assets, launched in December 2015. All the homes are located across 18 sites in Greater Manchester and Merseyside.
Sigma is also pleased to announce the completion of its first self-funded site comprising 50 new rental homes, mainly consisting of three bedroom family residences at Mackets Lane in Merseyside. Rental demand for the new homes is strong and the site is almost fully let. The delivery of a further three sites, two in Greater Manchester and the third in Sheffield, totalling 173 homes, is progressing well. All three sites are expected to be completed by summer 2017.
Graham Barnet, CEO of Sigma, commented:
“We are delighted to announce the completion and letting of our 1,000th new rental home. We have delivered these high quality homes with our partners in just under two years and this milestone event underlines Sigma’s position as a leading participant in the private rented sector. I would like to thank Gatehouse Bank, UK PRS Properties, Countryside Properties and Shepherd Direct Lettings as well as our council partners for supporting us through to this landmark point.
We are also pleased to have completed our first self-funded site of 50 PRS homes, with a further three sites well underway. Demand for new rental homes remains strong and we look forward to growing both our own PRS portfolio and those of our partners as we expand our geographic presence across the key cities and towns of England.”