Amro Real Estate Partners, the real estate investment and asset management company, has acquired two sites to develop under its newly launched build-to-rent platform, AmroLiving. The company plans to deliver 1,500 units across Greater London in the next five years, catering for the growing demand for purpose-built rental accommodation.
The firm has appointed Jones Lang Lasalle to identify an institutional joint-venture partner for a capital investment programme of £500m to facilitate the roll out, which will focus on developing schemes of 250 to 400 units in locations that are significantly under-served in terms of high-quality rental accommodation.
The first two sites acquired will provide a total of 500 homes. Both are located in Greater London, with the first in Ealing, West London, and the second in Kingston upon Thames, South West London.
The £95m (GDV), 251-unit scheme in Ealing is located in an under-supplied micro-location and will provide a mix of one, two and three-bedroom apartments. The scheme will include substantial indoor and outdoor amenity space including social and co-working space, a fitness suite, landscaped gardens and a pet friendly policy that will make it suitable for singles, couples and families.
The £110m (GDV) Kingston upon Thames scheme will deliver a further 250 units in a gateway town-centre location in close proximity to Kingston Station. This scheme will be one of the first to provide flexible co-working space, sympathetic retail and well-curated, inter-generational living in Kingston. The focus is on meeting the specific needs of downsizers and of mid-career, aspirational professionals looking for well-designed accommodation in easy reach of Kingston’s town centre amenities.
Ami Kotecha, Co-founder of Amro Real Estate Partners, has been appointed Managing Director for AmroLiving to lead the growth of the platform. She commented:
“With a growing population, a major housing shortfall in London and with many locked out of home ownership, there is and will continue to be high demand for good-quality rental accommodation. Whilst renting was once considered a ‘young person’s game’, the market now has broader appeal, with customers of all ages and at different stages of their lives aspiring to make a lifestyle choice in terms of where they live. Our build-to-rent schemes will be designed to meet the needs of the local demographic and will deliver a robust portfolio that will form a superb investment opportunity for our JV partners.”