Hull will welcome a 500-unit development after planning permission was granted by Hull City Council.
The first delivered homes will be 50 build-to-rent properties, which will comprise of two, three and four-bedroom homes built on the Preston Road site in the Marfleet area of the city.
The £6.6m development will be the first of a number of projects undertaken in partnership between build-to-rent provider Wise Living and developer Strata Homes.
Mark Gratton, land and development director at Wise Living, said: “We are really pleased that our first build-to-rent development in partnership with Strata has been given the green light following exchange of contracts.
“Together we will deliver quality private rental properties to the City of Hull and we can’t wait for construction to get started in the near future.
“We are delivering this project at a time when demand from families for high-quality rental properties in suburban areas is on the rise.
“Remote working is here to stay for many, meaning people now have more flexibility over where they live, and they are choosing quieter areas with easier access to green spaces.
“We have already seen this through our suburban BTR developments in Mansfield and Telford.
“Working with developers who share our ambition to deliver high-quality rental properties in the suburbs has been central to our strategy and why we see Strata as such a key partner.
“We look forward to delivering more build-to-rent developments in partnership with Strata in the coming months, with progress already made on additional sites in Mansfield for 36 units and Nottingham for 113 units as part of our growing pipeline together.”
This is the first Wise Living project in collaboration funded by PGIM Real Estate.
The plans form part of a large regeneration project which is being delivered by Strata, Keepmoat Homes and Homegroup.
Once complete, the site will be home to more than 500 new units, with the 50 built-to-rent homes forming part of phase one of the project.
Approval of the development comes at a time when build-to-rent has seen a surge in growth in the UK not just in major populous areas, but in smaller towns and cities too.
In Q1 of 2021 the sector received an estimated £1.2bn investment, 335% higher than Q1 in 2012.
Mark Leaf, head of land at Strata, said: “It is great to have been able to cement the relationship with Wise Living by starting a new scheme with them. Their product is a superb complement to ours on the Hull scheme and will help create a sustainable neighbourhood alongside our partners.”
“We have worked collaboratively to bring forward this scheme which will see Strata deliver 242 new homes as part of our strategic relationship with the Local Council.”
Wise Living also has developments in Mansfield, Telford, Birkenhead, Coventry, Boston, Rotherham and Wolverhampton.
It was announced earlier this year that PGIM Real Estate has acquired a portfolio of single-family BTR homes from Wise Living.
Comprising five existing developments and three development sites, the deal includes a total of 433 units, which Wise Living will continue to manage on PGIM’s behalf.
Preston Road in Hull is the first of the three new development sites to be announced following the deal.