The Oak Consortium, which is comprised of Homes England, Bovis Homes and Mill Group, has used the new digital property marketplace for the private rented sector to sell over 100 homes worth nearly £24m.
The portfolio of homes sold includes 65 two-, three- and four-bedroom houses and 39 two-bedroom flats across Gloucester, Hampshire and Bristol, with some properties still available for sale on the platform.
A spokesperson for Oak commented: “Vesta provided a very competitive option within their marketplace, providing maximum reach to an assortment of potential buyers. This ensured that the best price could be achieved and their fixed fee structure offered great value, saving over six figures, when compared with the traditional approach.
“Importantly, selling properties with tenants in place is both socially and commercially positive. It not only creates stability for tenants but also preserves rental income for both the seller and the buyer.”
Vesta was launched back in February of this year and investors of the company so far include: Bob Wigley who is currently chairman of UK Finance; Chris Lacey, previously head of residential capital markets at CBRE; Rupert Robinson, ex head of investment operations for NBIM Sarl; and David Toplas, CEO of Mill Group and founder of Vesta.
Russell Gould, Vesta’s CEO, said: “This recent transaction demonstrates our marketplace working in practice – a process that we believe will be the norm for the residential investment property sector in the next few years. Our aim is to bring together housebuilders, developers, buy-to-let sellers, buyers and property investors, allowing all parties to move quickly with simpler and assured processes – truly revolutionising the PRS sector.
“Vesta is building a unique marketplace that brings together the entire spectrum of PRS including traditional rental, Airbnb, holiday lets, HMOs and in the near future BTR property offerings. The key theme is the properties are already, or have the potential to be, income generating.”
How it works
Buy-to-let property investment is often seen as being long-winded, stressful and expensive. The aim of Vesta’s platform is to make buying and investing in buy-to-let property fast, simple and accessible.
Users can choose to buy a property outright or invest in a home or group of homes with as little as £1,000. Properties in the Vesta marketplace are brought to market fully documented including valuations and surveys – rental history is supplied too. The platform has different purchase options, including negotiating a price or opting for a faster Buy It Now option. There’s also no need to fill properties as homes are sold with tenants already in place.