Wavensmere Homes has exchanged on the sale of a portfolio of 262 single-family homes in the Midlands to global real estate investment company, Kennedy Wilson.
The portfolio comprises 131 homes which are currently under construction at Wavensmere Homes’ £75 million redevelopment of Friar Gate Goods Yard in Derby city centre. 131 houses will also be delivered at the housebuilder’s £150 million Wolverhampton Canalside South site, where construction work will commence imminently.
Wavensmere Homes’ bespoke product is purpose-designed by Glancy Nicholls Architects for institutional ownership in the rental market. The portfolio, comprising two- and three-bed city centre rental homes, is being delivered as a fully-fitted turnkey package and is expected to become available for occupation between 2026-7.
Designed to an EPC-A specification, each house will have an EV car charging port, together with an air source heat pump and solar PV panels to generate green energy.
The off-plan transaction was brokered by ACRE Capital Real Estate’s Operational Living team.
James Dickens, Managing Director of Wavensmere Homes, said: “We are thrilled to announce this significant deal, bringing institutional capital from a major global investor into regeneration sites that had long been derelict in the centres of Derby and Wolverhampton.
“We continue to see huge demand for eco-focused single-family housing that’s close to major centres of employment, retail and leisure, with extensive healthcare, public transport, and education provision.
“This transaction enables us to accelerate our construction programme, delivering homes for local people, whilst supporting local supply chains at Derby’s Friar Gate Goods Yard and Wolverhampton Canalside South.
“An additional 145 open market houses and apartments at Friar Gate, and a further 450 mixed-tenure homes at Canalside South, will become available in-line with our build programmes.”
Mike Pegler, President, Kennedy Wilson Europe, added: “Wavensmere Homes has garnered a strong reputation for urban regeneration and the delivery of major housing-led schemes within city centre and town locations.
“These homes will offer residents high quality, well-designed and sustainable rental housing in excellent locations within Derby and Wolverhampton. We are looking forward to construction progressing as we continue to grow our UK single family housing platform.”
Mark Wilson, Partner at Acre Capital Real Estate, said: “This UK residential portfolio offers prime city centre addresses and exemplary ESG credentials which is reflective of Wavensmere’s high quality developments.
“These two well-amenitised Midlands locations have the added benefit of the range of on-site communal facilities Wavensmere delivers for residents, such as co-working offices, screening rooms, community gardens, and fitness and play spaces.”
