HGP and Eutopia Homes JV to build out 2 BTR schemes in Exeter
Eutopia Homes and Housing Growth Partnership (HGP) have announced the completion of a Joint Venture which will progress two neighbouring Build to Rent schemes, totalling 144 units, in Exeter.
Both schemes form part of the wider masterplan for Exmouth Junction (a 15 acres site on a former railway junction), which will see the delivery of 540 units in the coming years, transforming the area and providing a range of amenities in a landscaped setting.
Eutopia will break ground on the first of the two developments, The Hay, in March 2023. The Hay will provide residents with a mix of 1, 2 and 3 bedroom apartments and has been designed to the highest environmental standards: features and amenities include a car club, electric vehicle charge points and 100 cycle storage spaces. Two roof terraces and a residents lounge and collaborative space on the ground floor will create a social, community focussed living experience for residents.
The joint venture will look to sell both schemes post a rental stabilisation period, with strong rental demand expected from young professionals in Exeter which continues to experience a significant undersupply in accommodation in the city centre.
John McKeon, Investment Director for HGP, noted:
“We are delighted to be supporting our first Build to Rent Schemes alongside Eutopia. Scott and the team at Eutopia have a strong track record of delivery in the BTR sector. We look forward to supporting Eutopia across further schemes and supporting more of our partners in the BTR sector. “
Scott Hammond, CEO of Eutopia Homes,
“HGP’s investment into the emerging BTR sector is great news for the industry. The Exeter schemes offer great rental prospects for professionals who face limited opportunities to rent well designed apartments. As part of the developments, we will be offering 20% of the units for key workers at a discounted market rent – the first such offering in the City.”
HGP is a social impact equity investment fund backed by Lloyds Banking Group and Homes England with an objective to support SME and mid-market housebuilders and developers deliver new homes. To date, HGP investments have delivered over 7,500 new homes (with GDV in excess of £2bn) across Build to Rent, PBSA, Open Market, Retirement Living and Regeneration schemes.
Eutopia Homes was formed in 2017 by Scott Hammond. Eutopia was established to focus on city centre BTR projects close to transport hubs in key regional UK cities with first class universities, strong retail and leisure facilities and a strong employment base. The company has secured planning consent for over 1500 units in Birmingham, Exeter and Greater Manchester. It has further pipeline projects in Gloucester and Kent for 500 residential units.