A Build To Let scheme led by developer Dandara and property investment operator LaSalle is to be the first of its kind in Scotland, and may be the first of many in more UK regional cities.
LaSalle has purchased Forbes Place in Aberdeen for just under £60m from Dandara and will retain the facilities management of the 292 flats and townhouses at the scheme, including providing a 24/7 on site presence.
It aims to provide rental units close to major centres of employment in the oil industry including the headquarters of BP and Aker Solutions and business parks such as D2 and ABZ in the Aberdeen International Airport zone.
“We are targeting assets of 80-plus units in regional towns and cities across the UK identified by our proprietary model as having strong economic fundamentals. Large-scale investment by pension funds has an important role to play in improving the quality of housing stock, as well as the choice and service for tenant customers in the private rented sector. LaSalle has substantial client funds available for investment in PRS" says LaSalle’s UK residential fund manager, Andrew Stanford.
Dandara’s description of the Forbes Place properties show how the Build To Let sector may challenge the traditional buy to let offer of the small-portfolio landlord.
The developer says Forbes Place will feature “the highest standard of interior finish, balconies for every home, underground parking, video entry, lifts, wifi and secure delivery facilities for tenant's parcels and refrigerated storage for groceries.”