In a sign that the private rental market is growing in stature and has a healthy future with major growth coming, a pair of experienced property investment organisations are heading into the market, from both Canada and the UK.
Canadian investor Realstar is said to be taking a close interest in a London PRS project in Elephant & Castle. The 470 apartment project in a 44 storey tower has been advanced by Mace Real Estate, which had been expected to take the development forward with private rental partner Essential Living.
Realstar is a big player in the private rental market, having built up a portfolio of 30,000 rental homes in the Canadian market. It has already dipped its toe in the UK market, and according to Property Week magazine, is reported to have been looking for additional PRS projects to get involved in. The company already has other UK property investments in the hotel and student accommodation markets.
Also ready to make a play in the UK private rented housing market are property industry veterans Godfrey Bradman and Sir Stuart Lipton. Bradman and Lipton were the dream team behind Broadgate, which created an industry-leading office complex from railway yards and space above the tracks at London’s Liverpool Street station; Broadgate’s breathtaking scale, speed of construction and style of new, efficient office buildings kept the City of London in the game as a global financial centre.
Now, Bradman has established company UK Residential Properties, with Lipton and other senior, big hitters among its directors. The pair have yet to reveal their plans, but their track record suggests they could deliver a game-changing move. And their unrivalled connections mean they have the ability to pull together substantial funds, should they see an opportunity.