Homes in Eddington are the first permission for Apache-backed suburban build to rent developer Present Made
Built-to-rent developer Present Made has secured planning permission for 373 homes that will form part of the University of Cambridge’s north west Cambridge masterplan.
Cambridge City Council and South Cambridgeshire District Council have given the go ahead for the properties to be constructed in the Eddington area.
The scheme will have a gross development value of £160m and has been designed by Jo Cowen Architects. The scheme is the first for Present Made, which was set up last year by investment manager Apache Capital, and which claims the homes will be the UK’s first purpose-built family rental housing.
Construction on the Eddington site is expected to start later this year with completion in 2024.
Alan Penfold, executive director of Present Made, said: “Every stage of the design, development and operational plan has a discerning focus on minimising costs for the planet and residents alike, and where community creation and social interaction are strongly encouraged.
“High quality rental housing that is flexible yet secure in tenure, attainably priced and responsive to the needs and wants of modern renters is critical to addressing the shortage of accommodation in the Cambridge market.”
The 150-hectare masterplan University of Cambridge’s North West Cambridge masterplan, which is being built on green belt, is creating a new district and extension to the city.
It is expected to be completed in 2030 and provide: 1,500 homes for staff, 1,500 affordable private homes, accommodation for 2,000 post-graduates as well as 100,000 sq m of academic and research space.
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