Sky-House has completed the sale of 11 homes at Waverley in Rotherham to Hearthstone Investments.
The eleven three and four-bed homes were bought by Hearthstone Investments for immediate rent to families and young professionals on average incomes.
Hearthstone Investments is a specialist fund manager focused on the private rented sector, with over £450m of assets under management. This deal is Sky-House’s first with a specialist fund of this kind. All eleven homes are now being marketed through local agents, who have reported strong demand.
The eleven homes form part of Sky-House’s second phase of 44 homes at Waverley, Yorkshire’s largest brownfield redevelopment, the regeneration of the former Orgreave coal mining site.
David Cross, founder and director of Sky-House Co, said: “This is an excellent deal for Sky-House, reflecting the quality of our homes for the institutional investment market.
“Directly dealing with Hearthstone has been a pleasure, with the deal concluded quickly over the Summer. We hope this develops into a long term partnership with Hearthstone, as well as providing a reference point for other funds and institutions as we develop out our pipeline of sites in South Yorkshire and beyond.”
Cedric Bucher, CEO, Hearthstone Investments, added: “The product that Sky-House develops is exactly what the private rented sector is crying out for; quality, new homes with strong environmental credentials in a great location. Supporting such large scale projects forms part of our investment strategy, with nearly 50% of homes across our portfolio from brownfield regeneration projects.
“The ability to bring these properties to the rental market works both for our institutional investors and delivers what local people on average salaries need. It’s a benchmark for what private rented homes should be.”
