Sigma buys Atherton site, hunts for more
The PRS residential specialist has acquired Howe Bridge Mill in Atherton as one of three new sites that will see 200 more units added to its portfolio.
Atherton will see 60 houses for rent delivered, along with 60 houses built for market sale. Construction will be undertaken by Sigma partner Countryside Properties with the first homes expected to be available to rent in early autumn 2017.
The Howe Bridge Mill site was formerly owned by Realty Estates, which in 2014 spoke of its plans to build 135 houses on the site after a supermarket scheme fell by the wayside, The last mill buildings were demolished that year.
The investment takes Sigma’s portfolio to seven schemes comprising a total of approximately 420 units, located across Greater Manchester, Liverpool, Birmingham, Sheffield and Shropshire.
The delivery of Sigma’s sites is being facilitated by a funding arrangement with the Homes & Communities Agency. Sigma expects to acquire further sites, deploying the HCA facility, to create a self-funded portfolio with a total gross development cost in excess of £60m.
Sir Edward Lister, HCA chairman, said: “Our £45m loan from the Home Building Fund will mean that working with Sigma Capital we will help thousands of families in the North and Midlands move into new, high-quality rented homes. Sigma Capital has already delivered its first homes and more than 370 more homes are to follow over the next 12 months.”