Developer Dandara Group has received £45m in Government funding to unlock sites for 2,000 private rental homes in Birmingham, Leeds and Manchester.
The Isle of Man developer is spearheading the project to deliver £400m of housing development with support from the Homes and Communities Agency and banking giant HSBC.
It can now build the trio of projects delivering 995 rental homes in Manchester, 744 in Leeds and 323 in Birmingham.
Funding will come from the government’s Home Building Fund, which makes cash available to help kick-start house building.
It is estimated that up to 1,500 construction jobs could be created across the three cities.
Housing minister Gavin Barwell said: “This is one of the largest private rental sector deals in the UK and will not only create thousands of homes for people in Birmingham, Leeds and Manchester – it will create jobs and opportunities for many hundreds of people.”.
744 private rental home scheme in Holbeck Urban Village, Leeds
322 new homes will be located near the Crowne Plaza Hotel on Holliday Street in Birmingham
HCA chairman Sir Edward Lister said: “We’re working on a number of other deals, with builders of all sizes, and we’re also using our investment and land to attract new entrants to the industry.”
Dan Tynan, founder and chairman of the Dandara Group, added: “Dandara has already built more than 2,500 properties of this type in the last ten years in the UK, including Scotland’s largest PRS scheme of almost 300 properties in Aberdeen, acquired by LaSalle Investment Management on behalf of a large Pension Fund.”
HSBC’s head of housing in the UK Hugh Taylor said: “We are really pleased to be supporting Dandara alongside the HCA with development finance on this multi-site roll out of their PRS programme. It is a significant contribution to the ‘housing challenge’ and is further evidence of PRS beginning to emerge as a distinct asset class.”
from Construction Enquirer http://www.constructionenquirer.com/2016/12/01/dandara-gets-funding-for-three-major-prs-schemes/
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