Fizzy Living the leader in the field of PRS has announced the acquisition of the Material Store at The Old Vinyl Factory in Hayes. The acquisition, Fizzy’s eighth, has planning consent for 164 units of one and two bedroom flats all for market rent. This will bring Fizzy’s total to 1000 units just in time for Christmas, putting it well on track to reach its target of 5000 units in 5 years.
Material Store is being delivered by HUB, a developer of mid-market London homes, in partnership with Bridges Ventures, the UK’s largest social impact investor. The Material Store is HUB’s second purpose-built private rental development after the Rehearsal Rooms in North Acton. In addition to the Material Store, HUB will deliver the Boiler House a 54-apartment scheme aimed at first-time buyers, which will sit next door to Fizzy.
The Old Vinyl Factory, which lies within the London Borough of Hillingdon, is a £250m mixed use regeneration scheme. The 17acre site is being developed by U+I Group and will deliver 630 new homes, office and retail space, museum, landscaped areas and playground, cinema and live music venue. Completion is expected in February 2018.
Purchased by EMI records in 1907 the site functioned as a record factory for over half a century and produced vinyl records for artists during the period including The Beatles, The Rolling Stones, Cliff Richard and Pink Floyd. It was renamed The Old Vinyl Factory after it was bought by Purplexed, a joint venture between Cathedral Group PLC and Development Securities PLC, in 2011.
The purchase includes reception space for a Fizzy onsite property manager, car park and a communal garden. It is excellently located, 5 minutes from both Hayes High Street Hayes and Harlington National Rail Station. Crossrail is expected to run from Hayes and Harlington from May 2018 (full service operating in 2019).
Harry Downes, Managing Director of Fizzy commented, “The Old Vinyl Factory is a fantastic re-development of a historic and iconic brand and we are delighted be part of it. We look forward to delivering 164 units to our target market of young professionals and with the site due to complete in early 2018 it will be just in time for Crossrail. It is also great to be working with HUB who shares our ethos in creating high-quality homes for London’s renters.”
Steve Sanham, development director at HUB, said: “London faces not only a shortage of sensibly priced homes for sale, but homes for rent too. This is our second major London Build to Rent scheme encouraging long-term responsible ownership and offering regular Londoners access to high quality housing. HUB’s commitment is very much to creating sensibly priced homes that set new standards for the areas in which we build, and we are delighted to be bringing the Material Store forward for development with Fizzy Living.”
Notes to editors:
Fizzy is owned by Thames Valley Housing (TVH) and Silver Arrow. Recently, Fizzy received a capital commitment of up to £200m from Silver Arrow, an investment entity owned by Abu Dhabi Investment Authority (ADIA).
Secure rental income streams make the project very attractive to developer and bank investors. Developers will have the opportunity to invest into the scheme through offering rental stock assets in return for equity, which will generate an income.
Brand marketing of the property portfolio will be financed by Fizzy. The aim is to provide a brand associated with high-quality private rental accommodation.
Click here for an animated infographic on what Fizzy delivers; http://vimeo.com/81593331
Thames Valley Housing Association
Thames Valley Housing Association (TVH), based in Twickenham, South West London, was founded in 1966.The association owns, manages and administers loans for over 14,000 properties in London, Berkshire, Surrey, Hampshire, Oxfordshire, Buckinghamshire, Wiltshire and Sussex, and has 679 properties under construction. TVH provides affordable rented homes, shared ownership, market rent, student and key worker accommodation, working with eight NHS Trusts. In year 2010-11 the association provided 1,175 new homes and generated a financial surplus of £11.2 million.
The Old Vinyl Factory
The Old Vinyl Factory is a £250m mixed use regeneration scheme to redevelop the site of the former EMI/HMV factory close to Hayes and Harlington station, delivering 4,000 new jobs, 630 new homes including affordable housing, 750,000 sq. ft. of commercial space, a cinema/restaurant complex, new cafes and shops among 16,500 sq. m. landscaped squares and public spaces.
Plans include the Central Research Laboratory – the UK’s first full-service incubator for hi-tech manufacturing entrepreneurs combining research and development space with commercial training, mentoring, a small-batch production facility and seed-funding.
HUB is the specialist London mid-market residential developer incubated by the founders of Squarestone, Tim Barlow and Robert Sloss. It was formed with the single-minded aim of bringing quality new homes within reach of hard working Londoners. Current residential developments across London include
The Old Vinyl Factory in Hayes, Hoola London in the Royal Victoria Docks, Victoria Square in Acton and Chesterfield House in Wembley.
Squarestone has a strong track record as a serial real estate entrepreneur, incubating new property businesses focused on markets where there is a demand – supply disequilibrium. In the past 12 years, projects it has supported have included Squarestone Brasil – a retail development business in Brazil, F15 – a large housing project of 640 homes in Suffolk and a London office investment portfolio.
Bridges Ventures LLP (“Bridges Ventures”) is a specialist fund manager dedicated to using an impact-driven investment approach to create superior returns for both investors and society at large.
Founded in 2002, Bridges now manages almost £500m across its Sustainable Growth, Property and Social Sector Funds.
Bridges Property Alternatives invests either directly or via joint ventures in property and property-backed operating businesses. It targets niche sectors affected by changing demographics and consumer needs, including healthcare, education, SME business space and affordable residential accommodation, as well as other sectors where there is identifiable occupational demand in growth locations.