Mill Group's Oak Portfolio now two thirds complete

Mill Group's Oak Portfolio
 
On 12 December 2014, Mill Group completed on the fifth tranche of properties in its investment joint venture with Bovis Homes with funding from the HCA’s Build to Rent Fund.  With 129 properties now completed, this takes delivery well past the half way mark.  The original deal comprised 190 high quality new build-to-rent homes, with a mixture of houses and flats across six sites: Bristol, Cambridge, Gloucester, Hemel Hempstead, Horsham and Southampton.  The portfolio will be completed in stages between now and September 2015.   

Letting activity has been very encouraging, particularly for the houses, with 98% of the completed assets either let or reserved before delivery of the latest tranche.  Typical consumers are young professionals and families.  Of the 37 new homes just acquired in Horsham and Bristol, 12 were already reserved or under offer in the first week.  Longer tenancies are being encouraged, as they offer both stability for consumers and continuity of income for investors.  

The locations have been selected in each case for an attractive blend of favourable demographics, economics and local infrastructure.  The assets are earmarked as the seed portfolio for the Mill Group Residential Fund.  
 
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