The 'build-to-rent' plans are reportedly for a project to span the next 10 years, which will see more than 3,500 homes created between zones two and four of the London Underground. The aim is to cash in on London's undersupply of new rented housing and to take advantage of demand from an increasing number of professionals forced to rent as they cannot afford to buy, the article said.
Essential Land set up the new development entity called Essential Living in 2010, which is backed by M3 Capital Partners' Evergreen Real Estate Fund. It said that Essential Living is a niche housing division which focuses on the construction of family accommodation within the Greater London area with private equity partners. The Property Week report said that Essential Living will focus on buying sites, obtaining consents, developing schemes and managing the flats over the long term.
