HSBC and RBS move into the pre-fab, build to rent housing market with support for Greenwich Creekside Wharf scheme
HSBC and RBS have backed the UK’s first pre-fab build to rent scheme with a £60m loan facility.
The banks will equally finance Essential Living’s 249-home Creekside Wharf scheme, based in Greenwich, with a four-year club deal.
“Long-term demand for private rented housing is only going to increase in London and Essential Living’s position as an innovator and market leader is underlined by this award-winning project,” said Darren Wilson, senior corporate banking manager for real estate at HSBC Bank.
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It will be the first housing development to include discount market rent homes, which will be priced from 55 per cent of market rent and “blended in” with the market-rented apartments.
Creekside Wharf is also the first build to rent scheme to have a specially designed block for families, that includes built-in buggy storage, noise insulation and an on-site creche.
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Build to rent schemes are attracting serious investment. Legal & General's build to rent fund has attracted £170m in investment, bringing its total value to £1bn, the group disclosed this week.