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PRS investor expands into London
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Sigma has bought an 80-unit development site at Beam Park, part of a '1bn regeneration project under way across the London Boroughs of Havering and Barking & Dagenham, on land released by the Greater London Authority.
It has also acquired a 77-unit development site at Fresh Wharf, a riverside scheme close to Barking Town centre.
Sigma is working with Countryside Properties and L&Q New Homes at the Beam Park scheme and with Countryside Properties and Notting Hill Developments at Fresh Wharf.'''
The combined total gross development cost of the two sites is put at '43.8m.
The Fresh Wharf site is expected to be completed towards the end of 2020, with Beam Park completing by spring 2021. The new homes will be marketed and let under Sigma's 'Simple Life' letting brand.
Sigma Capital Group chief executive Graham Barnet said: '"We are delighted to announce the expansion of Sigma's build-to-rent activities into London, with the acquisition of our first two sites at Fresh Wharf in Barking and Beam Park in Dagenham. This is an exciting first step for the company into a new key geography. The move into London means that Sigma's property delivery platform now reaches across most of the mainland UK, providing us with significantly increased development opportunities. It also takes our letting brand, Simple Life, into the London market.Sigma's move into London follows its recent launch in Scotland, where it is collaborating with Springfield Properties.
"Our long-term partner, Countryside, will develop both London sites with Fresh Wharf development completing by the end of next year and Beam Park in spring 2021."
Countryside Properties chief executive Ian Sutcliffe said: "We are delighted to be extending our very successful partnership with Sigma Capital into the London market. We have delivered over 4,000 private rented homes over the past five years together as part of differentiated mixed tenure approach to regeneration sites. We anticipate continuing growth from our relationship with Sigma in London and beyond."
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Source: The Construction Index
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