Multi million pound boost for London residential real estate market

As the UK faces a chronic shortage of properties First Base and RPS Capital Partners have agreed a joint venture to develope residential projects in the capital city.
 
With access to significant funding, the project based joint venture will focus on medium to large residential sites with planning consent. The two companies will look to work with banks and landowners to unlock development value in well located sites.
 
In addition, opportunities will be sought with public sector organisations engaged in or looking to facilitate regeneration. It hopes to be involved in four to five major projects over the next six to nine months, and has already identified a number of suitable opportunities for which it is in negotiation.
 
A typical investment of £10 to £30 million per project is expected and the joint venture will focus on developments of 100 plus residential units in mid to high density areas in London and is committed to high quality design and the rapid delivery of much needed housing.
 
‘The joint venture with RPS Capital Partners demonstrates our belief in and commitment to the delivery of housing in London. With many years experience in the residential market, our joint venture with RPS Capital Partners both compliments and strengthens the First Base offer,’ said Elliot Lipton, managing director at First Base.
 
‘The Government’s recent decision to cut the public sector housing budget has put the onus on the private sector to step in to ensure the provision of housing, particularly in under supplied areas like London,’ he explained.
 
‘We welcome the opportunity to be able to fill this role and look forward to exploring opportunities with local authorities as well as banks and private landowners to redress the supply-demand imbalance,’ he added.
 
Peter Beaumont, chief executive at RPS Capital Partners said that London offers significant residential development opportunities. ‘We are looking for the right projects to invest in.  First Base’s proven track record in developing high quality residential schemes through both the economic upturn and downturn makes it the ideal partner to seek out and progress projects that can deliver strong returns for our investors,’ he added.