The High Street Group Breaking News
Newcastle based High Street Group is a £1 Billion valued developer of built-to-rent projects to both the institutional private rental scheme sector and the private landlord direct to rental scheme sector. As a result of their activities and investors focus moving away from London, we are delighted to announce the following company specific news.
Asian Investors snap up over 50 units in HSG’s iconic Hadrians Tower development
More than 50 apartments at the Hadrians Tower development in Newcastle have been purchased by Asian investors.
Hadrians Tower, a luxury residential development in Newcastle city centre, will comprise 162 units over 27 storeys. Floors 1 to 26 are residential, while floor 27 is set to be a champagne bar.
The High Street Group has bought London rooftop homes specialist First Penthouse
The Knightsbridge-based firm specialises in offsite rooftop extensions and has built luxury homes on top of existing buildings in areas such as Chelsea, Knightsbridge and St. John’s Wood. The firm is working to secure and deliver a further nine projects across the capital, with a gross development value of over £120m.
A study by Interdisciplinary Design Consultancy HTA LLP identified that in the Borough of Camden alone, there are 475 potential rooftop sites, which could deliver 2,485 homes.
Across Greater London, it identified over 14m sq ft of developable roof space, which could deliver almost 180,000 properties.
A Knight Frank report suggests that there is over £50bn worth of rooftop development potential in the capital.
High Street Group Chairman, Gary Forrest, said: “A couple of years ago, the government welcomed a proposal to help address the housing shortage in London through the development of modular homes on top of existing buildings.
“We believe there is a huge potential in this innovative idea and have researched potential sites, as well as the associated considerations of planning, design, sustainability and construction.
“What we lacked was the expertise to deliver projects and that is why we have acquired First Penthouse.”
UK build-to-rent scheme investment up 400% Q1 year on year
CBRE’s UK Residential Investment Marketview of Q1 2019 shows that between January and March 2019, there was a total of £1.04 billion of investment into the UK private rental sector for build-to-rent schemes.
This is four times higher than in Q1 2018 and is among the strongest quarterly investment volume recorded since 2015.
The report also highlights the major deals in Q1 2019 and signifies strong momentum for the second quarter, with close to £780 million of deals under offer.
Institutional investment into build-to-rent has translated into over 140,000 homes across the UK which are either completed or in the pipeline, with an increase of 1,981 homes from Q4 2018, according to figures from the British Property Federation.
CBRE’s key yields remain stable, however, with a marginal softening for prime assets in London Zone 2.
Contact us for more information on investments with the High Street Group or the UK property market.