(London) – Aviva Investors, the global asset management business of Aviva plc, and Packaged Living, the UK’s leading sustainable living specialist, announce they have completed a deal to forward-fund the delivery of 121 new homes in Ebbsfleet, Kent with a gross development value (GDV) of c.£50m from Chartway Group, a land-led South-East England housebuilder specialising in the development of new homes and communities.
The funding marks the eighth investment made by Packaged Living and Aviva Investors since launching a single-family housing platform in November 2021, which aims to increase the supply of affordable and energy-efficient homes across the UK. Since then, the partnership has funded the creation of almost 1,000 new homes across seven developments, with an additional 500 homes in exclusivity.
It is the second investment made by Aviva Investors’ Real Estate Active Long Term Asset Fund (‘REALTAF’), following an investment made in February, as part of a wider funding of 212 homes across two single-family housing developments in Milton Keynes.
The new homes will be located within the Whitecliffe masterplan development, which is expected to deliver more than 6,250 new mixed-tenure homes across a 667-acre regeneration site, and will form the largest development component of the Ebbsfleet Garden City ‘new town’. The scheme will consist of one, two, three and four-bed suburban houses providing over 137,000 sq ft of accommodation, delivering much needed rental housing, at an affordable level, for the local market. As with previous developments funded by Aviva Investors and Packaged Living, there will also be a focus on creating homes that advance the sustainability of UK residential housing stock.
The development at Whitecliffe will also include four new schools as well as extensive community facilities and green spaces across three distinct villages, with the scheme being funded by the Partnership located within the ‘Alkerden’ village, at the centre of the masterplan, adjacent to the education campus and main district centre. The site is situated in close proximity to the A2/M25 and has excellent rail connections via Ebbsfleet International and Swanscombe stations alongside a fast-track bus service linking the site to Bluewater Shopping Centre as well.
Continuing the Partnership’s focus on creating sustainable communities, the new development will offer families highly energy-efficient homes designed to minimise ongoing energy usage, and therefore costs. All homes in the portfolio will use air source heat pumps and electric-only energy solutions, rather than gas-powered alternatives. The Ebbsfleet development will also feature electric vehicle charging for every home, as well as wastewater heat recovery systems, photovoltaic panels and battery storage, to help improve efficiency and further drive down costs.
James Stevens, Head of Real Estate Investment at Aviva Investors, commented:
“We want our Long Term Asset Funds to be the go-to option for the UK’s DC and wealth market. The residential and living sector is a critical part of our real estate investment strategy, whilst the scheme at Whitecliffe is a significant opportunity for us to develop an expansive scheme at the heart of a new community. We look forward to building a long-term relationship with Chartway and increasing the supply of homes which can help the UK get ready for the energy transition whilst delivering positive outcomes for retirement savers.”
Jonathon Ivory, Chief Investment Officer at Packaged Living, added:
“We’re pleased to welcome Chartway Group to our growing stable of house building delivery partners. As locations go, Ebbsfleet is straight out of Single-Family Housing central casting; employment, schools, transportation, greenspaces and retail (incl. the butcher, baker and candlestick maker!) all featuring strongly. By the end of this year we shall be managing the homes of over 600 families with another 1,000 heading our way!”
