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A £40.6 million deal at an Essex development marks a major milestone for housebuilder Hopkins Homes, part of the untypical group, and Invesco Real Estate, the US$85bn real estate investment manager, as it represents the first ever Private Rental Scheme (PRS) agreement for Hopkins Homes, and the first for Invesco Real Estate in the UK. 

The PRS deal at Beaulieu in Chelmsford will see the development of 99 build-to-rent homes for Invesco Real Estate. These homes will form part of the wider Beaulieu development, where Hopkins Homes is building a total of 246 homes, with 67 designated as affordable housing. 

The development, which is 30 miles from London, is due to launch in January 2025.  

Duncan Jackson, Managing Director of Hopkins Homes, part of the untypical group, said: “This deal is an important milestone for Hopkins Homes as it sees us successfully diversifying our approach to new developments. With the Private Rental Scheme sector continuing to expand in response to affordability challenges in the housing market, this agreement reinforces our commitment to addressing evolving housing needs while also strengthening our market position in the region. 

“Beaulieu marks another first for us as we introduce timber frame construction for the first time.  This approach allows us to deliver homes more quickly and efficiently, whilst enhancing the energy efficiency of our homes and lowering our embodied carbon footprint.”   

"Situated near London, Chelmsford is a dynamic city with exceptional transport connections. This PRS deal will enhance the housing options for those seeking to reside in an area that's not only conveniently close to the capital but is also emerging as a growth centre. Chelmsford's vibrant atmosphere and strategic location make it an increasingly attractive choice for residents and businesses alike. We are proud to add this scheme to our German institutional investor’s growing pan-European residential portfolio." 

Rebecca Trueman, Associate Director, Savills Operational Capital Markets, added: “We are pleased to have advised on this milestone deal, contributing to the estimated £300bn investment needed to deliver an additional one million homes in the Private Rented Sector by 2031. This transaction reflects the continued attractiveness of the single-family housing sector marking both Hopkins Homes and Invesco Real Estate’s debut into the space on an award-winning masterplan, whilst addressing the UK’s housing gap with high quality and sustainable homes.” 

Hopkins Homes at Beaulieu will also include a local retail centre and areas of public open space, including a landscape corridor, The Ryde. Access to central London takes just over 30 minutes from Chelmsford station, with an onsite train station due to open at the end of 2025. 

For more information about Beaulieu and the homes for sale, click here.  

Today marks the launch of untypical, which brings together two trusted UK housebuilder brands – Hopkins Homes and Tilia Homes – under one company, owned by the Hands Family Office and managed by Terra Firma, the European investment firm.

untypical is guided by its ambition to become the UK’s most customer-centric housebuilder. By putting people and the planet at the heart of the communities that it builds, untypical aims to make a positive difference to the UK housebuilding market and help to provide greater access to homes which are affordable for buyers. Underpinned by the support of its shareholder and financial partners, untypical is working towards the delivery of over 2,000 homes per year in the near term, with plans to grow further over the longer term to become a leading UK housebuilder.

This mission comes at a critical time. A recent survey of 5,500 people across England found that homebuyers are acutely concerned by the impact of the challenging macroeconomic environment, with interest rate changes, mortgage affordability and paying a fair price for a property stated as the top three concerns for those looking to buy a new home.

However, despite the financial headwinds affecting homebuyers, buying a home remains a deeply emotional transaction, with 83% of buyers still looking to buy a property that they are proud of.

With an unwavering focus on quality and a commitment to placemaking, untypical will look to build the homes that people want, need and are proud of. Tilia Homes and Hopkins Homes will continue as the customer-facing brands, enabling untypical to dual brand appropriate sites and provide a range of homes from entry-level to premium properties across four regions in England: the Midlands, the West, the East and East Anglia.

As part of its ambition to bring positive change to the housebuilding sector, untypical is committed to building homes which are sustainable and better for the planet, while also driving value for customers. With 62% of homebuyers now prioritising energy efficiency when they look for a new home, untypical untypical will strive to meet this growing consumer demand through innovative design, sustainable practices and industry partnerships.

Hopkins Homes has already established itself as a pioneer in this area, becoming the first UK housebuilder to offer customers a ten-year Zero Bills guarantee in partnership with Octopus Energy. Tilia Homes earlier this year secured a £125 million sustainability-linked loan with HSBC UK and Homes England, acting as a lever to acquire new sites and enable growth, while aligning its financing to its long-term sustainability targets.

untypical is pushing forward to develop house types that are fit for the future, with an ongoing pilot to explore a range of low-embodied carbon house archetypes. These house types are designed to significantly surpass current building regulations and have been submitted for planning permission in Tilia Homes’ Landimore Park development in Northampton.

Guy Hands, owner of untypical and founder of Terra Firma, the European investment firm, said: “As an investor in the UK housing market since 1996, it is clear the traditional industry model is unable to meet the wants and needs of the modern homebuyer. By building homes based on robust customer insight, we see an opportunity to do things better and bring about positive change. The launch of untypical is just the starting point on our journey, but we believe that it has the potential to be transformative – not just for our business but for the whole housebuilding industry.”

Chris Severson, Chairman of untypical, added: “By combining the strengths of the Hopkins Homes and Tilia Homes brands, we will design and build the homes that people really want and are also good for the planet. untypical’s growth will be underpinned by deep technical expertise, a strong, supportive shareholder and driven by a team of industry leaders. With a focus on affordability, sustainable materials and long-term community building, our untypical approach will aim to not just meet expectations, but push boundaries and redefine industry standards.”

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Data source: Terra Firma consumer research survey of 5,500 people in England, conducted by strategy consultancy The Forge between 9^th May and 18^th June 2024.