Developer brings investor on board for first site in pipeline

What – Elder and joint venture partner Alara Investments have acquired a site in Reading town centre
Why – Firms have teamed up to develop housing that responds to shifts in living and working patterns
What next – Site is being lined up for co-living homes

Newly launched residential developer Elder has kicked off a partnership with investor Alara Investments, with the unconditional acquisition of a brownfield site in Reading town centre, Green Street News can reveal.

Elder was launched by development duo Edmund Marsh, formerly founder of FRT Development, and Charlie Hustler, former director of Essential Living, to provide housing solutions that address the recent shift towards hybrid living and working patterns.

The acquisition of the reading site marks its first in partnership with Alara Investments, as the firms seek to expand their development pipeline.

The allocated site is on Greyfriars Road, near Reading train station and next to the new urban quarter at Station Hill. Elder is working on plans to deliver a 250- room co-living scheme, with shared amenity spaces including a rooftop garden and terrace.

“There is huge demand for a more affordable and flexible offer for private renters”

CHARLIE HUSTLER, ELDER

Elder is in consultation with Reading Borough Council as well as other stakeholders, and will be submitting planning later in the year. The scheme will focus on delivering market-leading sustainability credentials, and aim to achieve BREEAM Excellent certification.

Hustler said: “We are delighted to have acquired unconditionally this fantastic opportunity in a prime central Reading location and adjacent to the new urban quarter at Station Hill. We believe co-living will be an exciting addition to the housing offer in Reading. There is huge demand for a more affordable and flexible offer for private renters, and there is also potential for on-site key worker accommodation as part of the affordable housing offer.”

Jonathan McLaren, director at Alara Investments, added: “We are looking forward to building a strong partnership with specialist residential developer Elder, who share our key values of excellence and sustainability. We are delighted to be involved in such an exciting opportunity in the heart of Reading town centre – the development will deliver best-in-class co-living accommodation, which we believe will greatly benefit the community.”