Leading PRS landlord Fizzy Living is set to provide over 100 brand new apartments in East London – moments away from the new night tube line.
Fizzy has closed a deal with housebuilder Taylor Wimpey and agreed to purchase 111 one, two and three bedroom flats within Taylor Wimpey’s new 500-unit development on Blackhorse Lane in Walthamstow under a forward funding structure.
The site lies a stone’s throw from Blackhorse Lane tube station, which is serviced by the Victoria Line that now operates 24 hourly on Fridays and Saturdays and can get commuters to Kings Cross, Oxford Circus or Green Park in under 20 minutes. The development’s close proximity to the night tube will be one among several factors making it popular with busy professionals in their late twenties and thirties – known as “rentysomethings” – who account for a large proportion of Fizzy’s target demographic.
The development will include a large modern commercial unit to house Fizzy Living’s signature dedicated property manager, known as a “Bob”, and provide an interactive hub where tenants can socialise and work.
As part of the wider development, Taylor Wimpey will create a park linking the Fizzy apartment complex with the Walthamstow Wetlands and the wider 10,000 acre The Lee Valley Regional Park.
Like all other Fizzy sites, Fizzy Walthamstow will be pet friendly and offer its residents fully furnished apartments with fibre optic broadband included.
Construction of the development is well underway and practical completion of the first block is scheduled for July 2017.
Harry Downes, Managing Director of Fizzy Living, comments: “Fizzy Living is delighted to be working with Taylor Wimpey on this exciting scheme. The opportunity delivers all Fizzy’s purchase parameters, and its location is perfect for fast access to The City and West End. Fizzy looks forward to continuing its relationship with TW on similar opportunities in 2017.”
David Pelle, Land Director at Taylor Wimpey East London, comments: “We are delighted to have teamed up with Fizzy Living to forward fund the first phase of our exciting Eclipse development in vibrant Walthamstow. This prestigious collection of brand new apartments will provide Londoners with a fantastic opportunity to live in a beautiful home in a well-connected, highly-desirable part of the capital.”
Fizzy is owned by Thames Valley Housing (TVH) and Silver Arrow. In 2015 Fizzy received a capital commitment of up to £350m 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.
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.