A specialist division called VICI, aimed at supporting the rapidly growing build-to-rent (BTR) sector is being launched by Centrick this week at MIPIM, the world’s largest international real estate event, held in Cannes.
The Birmingham based property company operates in residential sales and lettings, estate management, commercial and has a new homes division. The BTR ‘platform’, as they call it, is claimed to pull all the elements of the BTR operation together in one division, servicing property developers and funds.
Centrick has offices in Birmingham, Solihull, Nottingham, Southampton and London.
A BTR development is designed to appeal to the rental market as opposed to long-term home ownership. A recent report by the British Property Federation showed that the UK BTR sector grew by 15% between Q3 2021 and Q3 2022 and regional BTR grew at almost triple the pace of London (20% vs 7%) in the same period.
The number of BTR homes either completed, under construction, or in planning now stands at over 240,000. Completed BTR homes could increase fivefold to reach more than 380,000 in the next decade, with the sector’s worth growing to £170 billion, the report predicts.
The Founder of Centrick, James Ackrill (main pic) said: “There is a demographic of young people finding it increasingly difficult to buy their own homes, leading to a greater need for high quality homes to rent. The BTR sector is very well-placed to make a major contribution to the provision of thousands of much-needed new homes and is an attractive proposition for investors and developers.”
It is a fast-growing sector and there is a huge amount of investment going into it.”
He added: “By combining Centrick’s world class talent, industry leading technology, unmatched lettings team, and our management and practical expertise, VICI will deliver seamless performance at all stages of the BTR journey – connecting the dots between people, platforms and experience.”
VICI director Neelam Saihjpal (main pic) said: “Crucially, we’re not just advising clients, we’re operational experts at every stage, letting and managing these developments with a strong focus on community engagement.”
“It is a fast-growing sector and there is a huge amount of investment going into it.”