Avant Homes has completed its first private rented sector (PRS) transaction in Scotland after agreeing a £10.8million deal with Thriving Investments.
The fund manager will acquire 41 homes at Avant Homes’ 312-home Edmonstone Village development in Edinburgh for renting at mid-market rents on behalf of its New Avenue Living fund in Scotland.
The transaction is also the first between the two organisations and represents a further deployment of the New Avenue Living strategy, which is focused on delivering energy-efficient homes for rent in well-connected locations across Scotland.
All the homes typically have an Energy Performance Certificate (EPC) rating of B or above, while the wider Edmonstone Village benefits from enhanced sustainability credentials, with all homes powered by a district heating system, operated by Vital Energi.
The low-carbon system is designed to reduce carbon dioxide emissions and deliver heat more efficiently, helping residents lower their environmental impact without compromising on comfort.
Work is already underway on the 41 two, three and four-bedroom homes, which include terraced, semi-detached and detached house types.
Colin Connell, partnerships director of Avant Homes, said: “As a socially conscious fund manager, Thriving Investments is an excellent first PRS partner for us to have.”
“We are both aligned in delivering sustainable homes and creating new communities, which is precisely what we are doing at Edmonstone Village.”
“We intend for this to be the first of many deals that we do in Scotland with a range of PRS providers. Doing so will enable us to ensure we can create greater access for more people to our range of quality, energy-efficient new homes.”
This latest news follows soon after Avant Homes announced it is delivering 52 new homes for East Lothian Housing Association (ELHA) at Blindwells, near Tranent, after agreeing a £10.6million deal with the affordable housing provider.
Avant Homes has previously agreed the sale of 700 SFR homes across Yorkshire and the Midlands for £150million.
The housebuilder has also secured a near-term pipeline of more than 900 affordable homes to be delivered across 15 developments. This is in addition to more than 550 Section 106 affordable homes, which are currently under construction.
Thriving Investments’ fund manager, Ed Crockett, said: “This acquisition is a strong fit for our New Avenue Living fund in Scotland, which is focused on increasing the supply of high-quality, energy-efficient homes for mid-market rent in well-connected locations.”
“Edmonstone Village offers good access to employment, transport links and local amenities, making it well-suited to residents looking for a professionally managed home in an area where demand for quality rental housing remains strong.”
“We are pleased to be working with Avant Homes on this transaction and to support the delivery of additional homes in Edinburgh.”