Vistry has won a contract to develop 5,000 build-to-rent (BTR) homes for Sigma Capital Group.
The developer’s subsidiary, Countryside Partnerships, agreed a deal to develop the properties across the UK for Sigma’s BTR brand Simple Life Homes.
Vistry said it would deliver the homes over the next five years “across a number of UK regions”. The firm has been working on BTR properties with Sigma since 2014.
Vistry chief executive Greg Fitzgerald said the agreement shows how Vistry’s partnerships model “can deliver at scale” the properties that UK residents need.
“High-quality build-to-rent homes continue to be an important offering for our mixed-tenure communities, and we are thrilled to be continuing our long-term partnership with Sigma,” he added.
This is the latest mega-contract signed by Countryside to develop BTR homes in the UK. Last month, it signed a deal with London mayor Sadiq Khan to build more than 700 BTR homes in north London.
BTR has been a profitable area for construction and development companies for years, with firms including Watkin Jones focusing much of their efforts on the sector. But there is increasing concern that reform is needed to ensure BTR schemes remain viable.
Last month, Mace chief executive Mark Reynolds, who is the co-chair of the Construction Leadership Council (CLC), called on chancellor Jeremy Hunt to reform Stamp Duty Land Tax so that it does not “disproportionately impact” the viability of BTR schemes.
