Packaged Living and Invesco Real Estate’s BTR scheme reaches Practical Completion
Packaged Living’s first scheme, The Almere, has opened its doors.
Packaged Living, a leading pan-UK BTR developer and operator, and Invesco Real Estate, the global real estate investment manager, are delighted to announce that Milton Keynes’ newest purpose-built BTR development, The Almere, has reached Practical Completion. The timing coincides with the recent announcement of Milton Keynes being awarded city status.
In January 2020, Packaged Living and Invesco Real Estate agreed a £74m forward-funding deal for this exciting new scheme, located within Milton Keynes’ central business and retail district, offering 294 modern BTR units arranged as one, two and three-bedroom apartments, each benefitting from the site’s excellent public transport links to London.
Residents at The Almere will also benefit from extensive cycle storage facilities, a ground floor retail unit of 2,500 sqm and 17,324 sqm of internal and external amenity space, ranging from a ground floor reception and lounge, to roof terraces, parcel storage and two compact landscaped courtyards.
The Almere is Milton Keynes’ newest and most significant BTR development to date, strategically positioned in the Oxford-Cambridge Innovation Corridor. Given its stellar location, and close proximity to the nearby STEM university, MK:U, The Almere is set to attract a range of tenants including young professionals, families as well as students and university staff looking for affordable and stylish homes.
Mark Woodrow, Joint Managing Director at Packaged Living, commented: “The Almere is a hugely significant deal for Packaged Living, being the first scheme we undertook as a business. I am therefore delighted to have reached this huge milestone alongside Invesco Real Estate and look forward to welcoming the residents of Milton Keynes to the town’s newest place to live, work and play. I would also like to thank the scheme’s contractors, Winvic, who have done a fantastic job in bringing this development to life.”
Tom McFerran, Director of Fund Management at Invesco Real Estate, commented: “Adding an additional 294 new homes to our growing portfolio of c.2,600 units across 11 investments in central locations across the UK is an exciting achievement, especially considering we have delivered this scheme on time and on budget, despite the headwinds of a global pandemic and various lockdowns. The Almere now adds another notch to our stabilised residential portfolio, which is tailored to the local market, a key philosophy for our strategy demonstrated by the strong tenant demand of 25% leasing prior to completion of the scheme.”