Miller to deliver 650 home triple tenure scheme

Miller to deliver 650 home triple tenure scheme

Developer and operator of single family build-to-rent (BTR) housing, Present Made and homebuilder, Miller Homes, have formed a joint venture (JV) to deliver a 650-home mixed-tenure community in Bedfordshire.

The 170-acre site, currently known as Mill View, will feature a blend of private-sale, affordable and single-family build-to-rent (BTR) housing. Construction is set to commence in Q4 of 2024, with the initial homes expected to be completed by 2025.

Mill View underscores Miller Homes’ expertise in forming joint ventures to create exceptional homes and communities. It also represents Present Made’s first triple-tenure transaction, including private sale, affordable and BTR residences.

Located in a cluster of villages 13 minutes south of central Bedford, the site forms part of the wider Wixam Park masterplan, which includes over 1,500 homes and five-acres of employment land. The site benefits from outline planning consent for a new primary school, community infrastructure and an 87-acre country park.

Mill View, soon to be rebranded, represents the newest addition to Miller Homes’ growing portfolio in the South Midlands region. Among the other developments by Miller Homes in this area are Miller Homes @ Forster Park in Stevenage, Norwood Quarter in Northampton, Miller Homes at Stanton Cross in Wellingborough and Arlesey Gate in Arlesey.

Alan Penfold, Managing Director at Present Made, said: “In Miller Homes, we have a five-star, best-in-class delivery partner renowned for its quality of product and speed of execution. The delivery partner model will help Present Made achieve scale faster while ensuring we maintain the highest design, build and operational standards. This relentless focus has defined Apache Capital’s purpose-built prime multi-family build-to-rent strategy and will see us deliver a new community at Mill View that sets new benchmarks for excellence.”

Benjamin Massey, Divisional Managing Director at Miller Homes, stated: “We are pleased to have formed this joint venture with Present Made to deliver 650 mixed tenure homes in Bedford, enabling us to complete this significant land acquisition together, and we hope it forms the foundation for other opportunities.

“Building mixed tenure homes as part of our business model allows us to continue diversifying our portfolio, while creating new opportunities for land acquisition and supporting our overall growth ambitions to 6,500 homes per year. Mill View will offer residents a blend of thriving town life and picturesque countryside living, easy access to local transport links, and green spaces including the new country park on the doorstep.”

John Dunkerley, CEO at Apache Capital, said: “The tri-tenure model is a win-win for investors, communities, and housebuilders: investors get to satisfy the ‘triple bottom line’ by delivering solid financial, environmental and social returns, communities get a broad range of much-needed new housing, while housebuilders get de-risked sites and diversified sources of income beyond highly cyclical market sales. We see this model as being key to scaling our Present Made platform as we look to work with third-party capital to capitalise on the opportunity presented by the UK’s rapidly changing housing market.”

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BDC 317 : Jun 2024