Harry Downes – Managing Director of the PRS at Fizzy Living
Inspired by what he’d seen on his travels through Europe and North America where he’d witnessed a different attitude towards renting. Set about putting together a vehicle that would attract investment and act as an asset manager as well as a landlord and property manager. In February 2012 Fizzy Living was born, with backing from Thames Valley Housing Association (TVHA). TVHA agreed to allocate £30m as an initial investment which Downes used to buy the companies first two buildings.
Downes then attracted further funding of 40m from Macquarie Capital in January 2013 and a capital commitment of £200m from Abu Dhabi based Investment Entity Silver Arrow in March 2014 which allowed Fizzy to break through a milestone. Fizzy have 1,000 apartments to date which have been built in London and the South-East, in areas including canning Town, Poplar, and Epsom. With two new schemes to be delivered in Lewisham and Hayes. He believes the government should support the creation of higher density PRS schemes in the city centres. They would also have to agree on hold on schemes for a set period of time – say 10 years – to ensure they don’t flip buildings for a huge profit. It would be a huge step towards replacing all those homes that the local authorities stopped building in 1980.
Read the full article below ↓