MCR Property Group’s residential Lettings and Management arm, which is backed by MCR Capital, has kept all developments on track through 2020 and has grown its portfolio rental income by £6 million despite the disruption caused by COVID-19.
The MCR Capital residential portfolio was started in 2015 and now presides over 1,500 units across the UK, with a further 6,000, valued at £1.5 Billion, either on site, in planning or in development. The success has enabled significant growth across the residential arm of the group, with MCR Capital set to launch an additional portfolio reviewing opportunities for further growth in the coming months.
In total, the Manchester-headquartered company has completed a further 500 units in the past 12 months. The additional units were all fully let in 2020, increasing the fund income by £6m in the same period. An occupancy level of 98% has been sustained throughout the portfolio, due in part to MCR Property Group’s collaborative approach to working with tenants throughout unsettling times as a result of coronavirus.
Developments have been completed at seven new sites throughout the UK, with locations including the Home Counties, the South Coast and Edinburgh.
Broadwater Apartments in Worthing, Surrey, was among the developments completed in 2020 and subsequently fully let. These homes comprised 78 one- and two-bedroom apartments, along with a further development of 77 new homes, Castellum Apartments in Aylesbury, Buckinghamshire. Both schemes are retained under internal PRS management, bringing the total within the group to over 1,500.
Stephanie Hilditch, head of living for Regency Residential (north), commented: “I joined the group last year and am delighted to work with a developer that’s strategically focussed on the growth of residential lettings. In the last year we have managed to secure hundreds of lets across all our developments, maintaining the occupancy levels of our existing portfolio, as we continue to build our PRS offering.”
MCR Property Group has some 6,000 new units in its immediate pipeline an OMV of £1.5 Billion; with recent plans submitted for The Gasworks – New Town, a mixed-use development of 1,202 homes on a 6.6-acre city centre site that will set the benchmark for energy efficient and green space living. The proposed development aligns with Manchester City Council’s £1bn Northern Gateway regeneration masterplan.
Becky Ellis, head of Living for Regency Residential (south), commented: “Despite the challenges the industry has faced throughout the pandemic, we have worked closely with our prospective and current tenants to understand their position and help them through these uncertain times.”
In 2020, the commercial arm of MCR Property Group has completed lettings and lease renewals on nearly 435,000 sq. ft. of space, increasing the rent roll by £3,304,911pa.
Feb 4th, 2021