Lochailort Investments has appointed M&G as a funding partner and Watkin Jones as development partner on its Thames Quarter build-to-rent scheme in Reading.
Planning for the 315-unit development, which will be Reading’s first BTR scheme, was approved in November last year.
It includes a 22-storey landmark tower which when completed will be Reading’s tallest residential building. Facilities will include a 24-hour concierge, private dining rooms, lounges, tech-hub, private cinema, and several rooftop terraces.
The 1.23 acre site is in a prime location, adjacent to the north side of the railway station and the town centre.
Lochailort managing director, Hugo Haig, said: “The signing of this development partnership will see, within 3 years, the opening of the largest build-to-rent scheme in the South East. The range and quality of onsite facilities which our award-winning architects have incorporated from the outset will set a new standard against which future build-to-rent schemes will be benchmarked.”
CBRE’s UK development business advised Lochailort throughout the process.
CBRE senior director, Alex Davis, added: “The development partnership at Thames Quarter is a market leading build-to-rent deal and the project typifies the fast-moving nature of the BTR market, which is experiencing a quantum evolution in both pricing and lot size.
“Having identified the opportunity in 2014, CBRE and Lochailort have worked collaboratively to design one of the UK’s best BTR schemes to date, as well as securing a suitable developer and contractor and aiding the structuring of the funding agreement with M&G Real Estate.”