Aviva Investors & Packaged Living to develop 195 energy-efficient family homes in West Midlands
Aviva Investors, the global asset management business of Aviva plc (‘Aviva’), and Packaged Living, the specialist UK Build-to-Rent developer, announce they have completed a deal to acquire and develop 195 homes in the West Midlandstown of Telford, Shropshire.
It is the first investment made since the two firms announced a partnership (‘The Partnership’) in November 2021, which will create a single-family rental platform of suburban properties across the UK, increasing the supply of affordable homes whilst also supporting the transition towards a low-carbon future.
The 195 units forward purchased by the Partnership consist of 148 semi-detached, 9 terraced and 38 detached homes, and together will provide over 179,000 sq ft of family housing. The properties form part of the wider Charlton School development in Telford, set on the former site of a secondary school and owned by established UK housebuilder, Vistry Partnerships.
As part of Aviva Investors’ commitment to achieving net zero across the entirety of its Real Assets platform by 2040, the Partnership will focus on creating sustainable communities, targeting an EPC-A rating for all properties under development and offering highly energy-efficient homes designed to minimise energy usage and costs for families. Three years ahead of government policy, all homes constructed by the Partnership will use air source heat pumps and electric-only energy solutions, rather than gas-powered alternatives for heating and ongoing energy needs.
The development will also feature electric vehicle charging for every dwelling with an associated parking space, whilst all timber will be sourced from sustainable sources and buildings will be designed to incorporate water recycling measures. An ecologist will also be appointed to undertake a biodiversity assessment, with the Partnership looking to achieve a positive impact upon completion of the project.
The project continues Aviva Investors’ commitment to decarbonise the entirety of its c.£47 billion Real Assets business and reach net zero status by 2040. Last year, Aviva plc announced its plan to become net zero by 2040, outlining the most demanding target of any major insurance company in the world, also publishing its ‘Building Future Communities’ report, which outlines Aviva’s recommendations for building and maintaining sustainable properties that are resilient to extreme weather and the effects of climate change.