Investor moves into the region with £27m housebuilding plans
Sigma Capital has expanded its private rented sector investments into the West Midlands for the first time after buying two sites.
It has acquired sites in Mafeking Road, Birmingham, and Hinkshay Road, Telford – plus a third site in Atherton, Lancashire.
It will deliver 200 homes for rent across the three sites, which have a total development cost of £27m. Construction is being undertaken by Countryside Properties and the first homes are expected to be available to rent in early autumn.
Graham Barnet, chief executive of Sigma, said: “These new rental homes are also helping to unlock the delivery of a wider development scheme which includes new market-for-sale and affordable homes.”
The delivery of these sites is being facilitated by the funding agreed with the Homes and Communities Agency (HCA). Sigma expects to acquire further sites, deploying the HCA facility, to create a self-funded portfolio with a total gross development cost of more than £60m.
HCA chairman Sir Edward Lister said: “Our £45m loan from the Home Building Fund will mean that working with Sigma Capital we will help thousands of families in the North and Midlands move into a new, high-quality rented home. Sigma Capital has already delivered its first homes and more than 370 more homes are to follow over the next 12 months.”