Packaged Living and Aviva strike £60m single-family housing deal

Packaged Living, the UK’s leading sustainable living specialist, and Aviva Investors, the global asset management business of Aviva plc, announce they have completed a deal to forward-fund the creation of 174 new homes in Bordon, Hampshire with a GDV of c.£60m.

It is the sixth investment made by the two firms since launching their single-family housing platform (“the Partnership”) in November 2021, which aims to increase the supply of affordable and energy-efficient homes across the UK. It now means the Partnership has 1,400 homes with a capital value of £0.5bn that are either operational, in construction or planning stages, or under exclusivity, including developments in the West Midlands and Ipswich.

Consisting of 2, 3 and 4-bed suburban houses which will provide over 160,000 sq.ft of family housing, the homes will be located in the Prince Philip Park development in Whitehill & Bordon, Hampshire, and form part of a 200-hectare scheme on the site of a former military base which is expected to deliver more than 2,400 new residences when completed.

The masterplan development has been designed with families in mind, featuring community facilities including new schools, shops, and restaurants, as well as medical facilities, a new film studio and an arts and cultural centre. There will also be public green space throughout the scheme, including a 54-acre woodland site and a new employment space with the potential to create up to 3,000 jobs.

Continuing the Partnership’s focus on creating sustainable communities, the new development will also offer families highly energy-efficient homes designed to minimise ongoing energy usage, and therefore costs. All homes in the portfolio will use air source heat pumps and electric-only energy solutions, rather than gas-powered alternatives. The Bordon development will also feature electric vehicle charging for every dwelling with an associated parking space, as well as wastewater heat recovery systems and photovoltaic panels to help improve efficiency and further drive down costs.

James Stevens, Head of Real Estate Investment at Aviva Investors, commented:

“As one of the largest investors into the UK’s living sector, we think it’s incredibly important that our partnership with Packaged Living maximises its social value through the creation of homes which are affordable as well as being equipped to adapt to a changing climate and energy transition, thereby keeping their running costs low. This development maintains our focus on raising the bar on the energy efficiency standards new homes. Through this, we are confident we can create communities which remain relevant, usable and cost-effective for residents long into the future.”

Jonathon Ivory, Chief Investment Officer at Packaged Living, added:

“We are pleased to add this exciting new community to our ever-growing single family housing portfolio. This development demonstrates our commitment to deliver properties that are fit for the future, combining high quality finishes with energy efficient low carbon solutions which result in lower operating costs for the families that will live there. The single-family housing model was traditionally the preserve of the North West, however this Hampshire acquisition is consistent with the ‘home-counties’ weighting of the Partnerships portfolio, confirm that suburban Build to Rent has finally come to the South East!”

Taylor Wimpey commented:

“Taylor Wimpey, alongside our Joint Venture partner Dorchester Group are excited to deliver our third phase at Prince Philip Park.  Following the success of our two previous phases, we will be creating a community of 315 homes, of which 94 will be for private sale, 47 will be affordable and 174 homes will be delivered on behalf of Aviva Packaged Living as Build to Rent.  The development will provide a key contribution to the ongoing regeneration of the former Prince Philip Barracks.”