BTR Sector: More Plumbing Goes In, As Manchester Management Experts Expand Into Birmingham
A Manchester-based build-to-rent management specialist is to expand into Birmingham in partnership with Legal & General, as the BTR infrastructure begins to fall into place.
Urbanbubble will work with Legal & General on its BTR schemes nationwide, starting in Birmingham and Bath.
The move extends the "plumbing" that will allow the still-modest U.K. BTR market to expand from today's pipeline of just 124,000 units.
Legal & General announced in October that it was funding the £53M development at Newhall Square. A forward funding deal was agreed with residential developer Spitfire Bespoke Homes. The development has planning for 220 residential units and 7,500 SF of ground-floor commercial space, together with a public square and 61 car parking spaces.
With the extension of the partnership, Urbanbubble will manage over 1,500 BTR apartments on behalf of Legal & General. L&G is expanding its BTR portfolio to 6,000 units by the end of 2019.
The move comes as Urbanbubble announces a 33% rise in revenue to £3.6M with further increases likely as the number of residential units under management rises to 15,000 by 2021. Founder and Managing Director Michael Howard said he expects to see revenue rise to £6M in the year ending June 2019, with further growth to £12.5M by 2021.
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