ilke Homes and Man GPM partner to deliver 146 homes in Wellingborough
Leading modular housing pioneer ilke Homes and Man GPM, Man Group’s private markets investment business, have partnered to acquire an eight-acre site in Wellingborough, Northamptonshire from master developer Northants LLP, who were advised by their agents, the global property consultants, Knight Frank.
The site will deliver 146 multi-tenure single family homes including rental options. The range of accommodation will include four 4-bedroom homes, 59 3-bedroom homes, 67 2-bedroom homes, and 16 1- and 2-bedroom apartments. The homes will be manufactured offsite at ilke Homes’ 250,000 sq ft factory in Knaresborough, Yorkshire, before being delivered to Glenvale Park.
Man GPM’s Community Housing strategy seeks to achieve the dual objectives of providing both social and financial returns, addressing the housing crisis in the UK by building homes that are affordable to households. The strategy invests and develops both rental and ownership homes, with a focus on addressing the housing challenges of ‘squeezed middle-income’ families who do not qualify for social housing and who are priced out of the housing market.
Of the 146 homes being delivered, 101 will be made available at affordable rent levels and 45 for shared ownership, with the aim of improving access to high-quality housing for essential workers and middle-income families.
As part of the wider masterplan, residents will benefit from a significant amount of local amenity which is being delivered as part of Glenvale Park’s wider masterplan. This includes a local centre with extensive retail and leisure amenities; two new primary schools; a community hub with a community centre, nursery, public square and family play park; a 25,000 sqm business park providing 3,000 new jobs; and 200 acres of parkland.
The announcement marks the second partnership scheme between Man GPM and ilke Homes, following a £31 million deal to deliver a 227-home scheme in Grantham, Lincolnshire, announced in December 2020.
Tom Heathcote, Executive Director of Development at ilke Homes said: “ilke Homes is increasingly becoming a partner of choice for institutions looking to increase their exposure to the housing market. Our accredited modular methods of delivery will ensure that the scheme will align with Man GPM’s own, stringent ESG criteria, while also providing much-needed, energy-efficient homes for the local community.
“We look forward to working with both local planning officials and other stakeholders to finalise plans for what will be a well-designed sustainable development, in keeping the wider Glenvale Park urban extension.”
Shamez Alibhai, Head of Community Housing and Managing Director at Man GPM, said: “We are delighted to be delivering a high-quality modern development which will make a positive contribution to easing local affordable housing shortages.
“The scale of the housing shortfall across the UK requires innovative solutions, with consideration for social and environmental outcomes, to create high quality, sustainable communities. By partnering with ilke Homes to deliver modular housing at Glenvale Park we are not only building affordable homes but doing so in a way that underlines our commitment to sustainable and energy-efficient projects.”
Jack Hutchinson, an Associate in the Residential Investment team at Knight Frank, said: “We have witnessed a rapid acceleration in the volume of capital looking to enter the suburban build to rent market over recent months. There are currently around 2.3 million privately renting households living in the UK, and 60% of those rent houses instead of flats. Demand from renters for professionally managed family housing is growing significantly, so were delighted to broker this deal between Northants, ilke Homes and Man GPM .”
Mark Best, Director of Northants LLP, said: “We are delighted to welcome ilke Homes and Man GPM to Glenvale Park. These homes will bring an exciting new offering to the development, with ilke’s pioneering and highly sustainable modular properties delivering professionally-managed family homes for rent within our growing community.”
Notes to editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 16,000 people operating from 384 offices across 51 territories. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the firm, please visit knightfrank.com.
Northants LLP is a joint venture between two experienced developers – Midtown Capital Ltd and North Northamptonshire Investments Ltd – who together are responsible for the development of Glenvale Park, a 3,000-home community on the edge of Wellingborough. As well as new homes, the development will offer a range of amenities for the local community as well as an extensive social value commitment, generating over £1.4bn in economic impact for Wellingborough.
ilke Homes is a modular housing company helping to tackle the UK’s growing housing shortage by manufacturing and delivering high-quality, energy-efficient homes in half the time of traditional methods. The company works closely with local authorities, housing associations and developers across the UK to deliver housing for a mix of tenures. In 2019, the company entered into a £100m joint venture with Places for People, the largest deal yet for Britain’s modular housing sector and received a £30m investment from the government’s housing agency, Homes England.
Man Global Private Markets (Man GPM) is the private markets business of Man Group. Man GPM is focused on investing in real and corporate assets in differentiated markets with high barriers to entry. We have long-standing experience in residential real estate and private credit and seek to deliver attractive risk-adjusted returns to clients globally.
Our specialist investment teams in the US and UK have deep local market expertise, with established track records in building and managing large-scale real estate and credit businesses. Operating from New York, Charlotte, North Carolina and London, Man GPM’s funds under management were $3.7 billion including committed capital at 31 March 2022 across commingled, separately managed accounts and joint venture structures. For more information, visit www.man.com/gpm.