Sigma, a Build To Rent developer, has completed and let its 1,000th rental home – a symbol of this fast-growing part of the lettings landscape.
This milestone event takes the gross development cost of the new homes completed by Sigma to £120m since construction commenced in December 2014. The rental income stream from these new homes is in excess of £8m per annum.
The homes are located across 18 sites in Greater Manchester and Merseyside.
Sigma has also completed its first self-funded site of 50 new rental homes in Merseyside, mainly consisting of three bedroom family units. The firm says delivery of a further three sites, two in Greater Manchester and the third in Sheffield, totalling 173 homes, is progressing well with all three sites are expected to be completed by summer 2017.
The British Property Federation, which keeps a running total of BTR schemes, says there are 60,139 Build To Rent units built or in the pipeline across the UK; some 30,844 of these in London – where Build To Rent currently accounts for one in five new housing starts – and 29,295 elsewhere.
