Avanton, owned by 37-year-old Omer Weinberger, a former real estate banker-turned-developer, has already begun to assemble a portfolio of build-to-rent pipeline projects. It has an ambition to deliver up to 5,000 build-to-rent (BTR) apartments by 2023.
Its new land fund will target the acquisition of sites across inner London, with land values of 拢20m to 拢100m, providing for between 300 to 1,000 units per BTR development.
It is looking for consented sites, sites without planning permission or those with existing commercial consents offering the potential for a change of use to residential.
Avanton鈥檚 existing portfolio of build-to-rent pipeline projects includes a 拢250m development in Richmond upon Thames in joint venture with ICG. It plans to build 453 flats on the 4.45 acre Homebase site off Manor Road.
On Old Kent Road in Southwark, Avanton has consent for the 拢730m (GDV) Ruby Triangle project. Roughly half of the 1,414 flats here will be build-to-rent, with the Farrells-designed scheme providing residential towers, between 17 to 48 storeys in height.
Avanton has a third pipeline site in the London Borough of Brent, which will allow for 500 build-to-rent units.
It has also recently handed over to A2Dominion a collection of 169 completed build-to-rent units at its Coda development in Battersea 鈥 a six-storey and 11-storey block.
Chief executive Omer Weinberger said: 鈥淭he only viable solution to London鈥檚 housing crisis and the shortage of supply of new homes in the capital is delivering multiple tenure schemes and expanding BTR, intermediate and social housing provision. This is why Avanton is currently undergoing a three-year expansion into the build-to-rent and mixed-tenure sectors. To implement this we have set aside 拢500m and are seeking attractive land opportunities to grow our BTR development pipeline yet further.鈥
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