Hearthstone Investments acquires 45 houses in Exmouth for affordable private rented sector
Hearthstone Investments, an investment manager focused on affordable private rented housing in the UK, has acquired 45 new houses in Exmouth[1].
The properties, near the South West Coastal Path in East Devon, were purchased from 3West Group, on their Goodmores scheme.
3West Group is a privately owned, regional SME developer, operating across the South West of England.
Hearthstone Investments’ proposition focuses on the delivery of private rented housing for people on average incomes. The investment strategy aims to build regionally diversified portfolios of houses and low-rise apartment blocks in areas of particular supply/demand imbalance. The company manages capital on behalf of institutional investors, predominantly UK Local Government Pension Schemes.
Colin Palmer, 3West Group’s joint Founder and Director, commented:
"The South West has historically seen a shortage of institutional investment despite its robust fundamentals. This transaction marks our inaugural venture of scale with an institutional investor. We are confident that these houses will be professionally managed, meeting the needs of families wanting to rent high quality new homes in our community.
“This transaction acts as a catalyst for our Goodmores, Exmouth development comprising nearly 300 new homes. The scheme is anticipated to deliver a new primary school, a supermarket, a care home and other commercial amenities. Goodmores has already contributed over £3m in Community contributions"
Helen Simons, Investment Director of Hearthstone Investments said:
"Our investment strategy is to build portfolios for our investors with a healthy regional balance and diversification. We pride ourselves in sourcing the best available homes from large national as well as the best regional developers.
“Our partnership with 3West Group, an established regional housebuilder, means we can facilitate construction of 45 houses within a larger development supporting jobs in the local economy. As we progress, we will be working with local agents and contractors, bringing a positive impact on employment in the region from this investment.”
Hearthstone’s growing portfolio now totals over 1,800 homes in communities across the country.
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[1] The investment was made from Hearthstone Residential Fund 2.
