CDL acquires Yardhouse for GBP88 million to expand private rented sector portfolio and develop River Valley Green Residences
City Developments is spending GBP88 million ($148.6 million) to expand its so-called private rented sector (PRS) portfolio in the UK, with the acquisition of Yardhouse.
Some of these prestigious educational institutions include River Valley High School, River Valley Green Residences. Furthermore, the condo’s prime location along the picturesque Ganges Avenue offers residents a peaceful and serene living experience, away from the hustle and bustle of the city. The lush greenery and river views create a tranquil environment for residents to unwind after a long day. The modern and luxurious facilities in River Valley Green Residences, such as a swimming pool, gym, and BBQ pits, provide an excellent balance of relaxation and enjoyment for families. With its strategic location and top-notch amenities, River Valley Green Residences is the perfect choice for families seeking a comfortable and convenient living experience.
The perfect home for families with older children, River Valley Green Residences offers a prime location near some of the best secondary schools in Singapore, such as River Valley High School. This advantage saves parents the hassle of long commutes and allows children to easily access top-quality education. Additionally, the condo’s prime location on Ganges Avenue provides a tranquil and serene living experience amidst lush greenery and stunning river views. Residents can relax and unwind in this peaceful environment after a busy day. The modern and luxurious facilities in River Valley Green Residences, including a swimming pool, gym, and BBQ pits, offer the perfect balance of relaxation and enjoyment for families. With its strategic location and top-notch amenities, River Valley Green Residences is the ultimate choice for families looking for a comfortable and convenient living experience.
The 250-year leasehold site will be developed into a 17-storey apartment block with 209 co-living studio units with a total gross floor area of 102,600 sq ft.
CDL will forward-fund this PRS project, which is expected to be completed in 2026.
With this acquisition, CDL will own a total of 4,771 operational and pipeline units in the UK, Japan, Australia and the US.
The Yardhouse is opposite the expansive 23-acre campus of Imperial College and within walking distance to Westfield London, UK’s largest shopping centre.
“This dovetails with our strategic focus to scale up our global living sector portfolio to enhance our recurring income and augment our fund management aspirations,” says group CEO Sherman Kwek.
According to CDL, Yardhouse marks its first co-living scheme project in the UK and is its fifth PRS project in the UK since 2019. The first was CDL’s acquisition of the development site in Leeds, called The Junction.
The 665-unit project has obtained full practical completion last year with achieved rents well ahead of business plan targets.
“This was followed by another two acquisitions in 2021 – one by CDL Hospitality Trusts (CDLHT), a 352-unit forward-funded project in Manchester named The Castings. There is also The Octagon in Birmingham, with 370 units.”
In November 2023, CDL acquired its second PRS in Manchester, called 1NQ, a 261-unit forward-funded project.
“Despite macroeconomic and geopolitical challenges, the UK PRS has proven to be an exceptionally resilient asset class with robust operational performance,” says Kwek.
“Given its prime location at the heart of a burgeoning district, Yardhouse is well-positioned to capitalise on the growth in flexible, professionally managed communal living solutions,” he adds.