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Thu June 24 2021

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Avanton reveals £500m build-to-rent war chest

15 Feb A London property investment firm has announced plans to invest up to £500m in land acquisitions over the next three years, as part of an expansion into the capital’s build-to-rent sector.

Avanton's Coda development in Battersea, recently handed over to A2Dominion
Avanton's Coda development in Battersea, recently handed over to A2Dominion

Avanton, owned by 37-year-old Omer Weinberger, a former real estate banker-turned-developer, has already begun to assemble a portfolio of build-to-rent pipeline projects. It has an ambition to deliver up to 5,000 build-to-rent (BTR) apartments by 2023.

Its new land fund will target the acquisition of sites across inner London, with land values of £20m to £100m, providing for between 300 to 1,000 units per BTR development.

It is looking for consented sites, sites without planning permission or those with existing commercial consents offering the potential for a change of use to residential.

Avanton’s existing portfolio of build-to-rent pipeline projects includes a £250m development in Richmond upon Thames in joint venture with ICG. It plans to build 453 flats on the 4.45 acre Homebase site off Manor Road.

On Old Kent Road in Southwark, Avanton has consent for the £730m (GDV) Ruby Triangle project. Roughly half of the 1,414 flats here will be build-to-rent, with the Farrells-designed scheme providing residential towers, between 17 to 48 storeys in height.

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Avanton has a third pipeline site in the London Borough of Brent, which will allow for 500 build-to-rent units.

The Ruby Triangle project has planning permission on the Old Kent Road.
The Ruby Triangle project has planning permission on the Old Kent Road.

It has also recently handed over to A2Dominion a collection of 169 completed build-to-rent units at its Coda development in Battersea – a six-storey and 11-storey block.

Chief executive Omer Weinberger said: “The only viable solution to London’s housing crisis and the shortage of supply of new homes in the capital is delivering multiple tenure schemes and expanding BTR, intermediate and social housing provision. This is why Avanton is currently undergoing a three-year expansion into the build-to-rent and mixed-tenure sectors. To implement this we have set aside £500m and are seeking attractive land opportunities to grow our BTR development pipeline yet further.”

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