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Rentplus secures Bicester partnership
Harrow Churches Housing Association has announced a partnership with rent-to-buy specialist Rentplus, to deliver a new housing scheme in Bicester, Oxfordshire.
The pair will deliver 10 new rent-to-buy homes at Mulberry Developments’ Stratton Park scheme, which is located in Cherwell District Council.
The 10 two-bedroom homes will be constructed by Mulberry Developments, Harrow Churches will manage the 10 Rentplus homes once they are built and the funding is being arranged by Rentplus, which is bringing institutional investment to this sector.
The company earlier this year announced a £70m deal with BAE Systems Pension Funds Investment Management, which manages the pension fund of weapons manufacturer BAE Systems. It has plans to develop as many as 5,000 homes under its model, in which homes are initially let at sub-market rent, with tenants eventually able to purchase their properties.
At the Bicester scheme, the first tenants are expected to move in to their new homes in the summer of 2017. The new development forms part of Mulberry’s Stratton Park development on London Road in Bicester. In total, the development will comprise 125 units.