HUB and impact investor Bridges Fund Management have signed a forward funding deal for an unspecified amount with Realstar to deliver a residential-led regeneration scheme in Leeds.
The forward funding deal will see Realstar’s residential rental brand UNCLE deliver UNCLE Leeds Phase 2 comprising 488 BTR homes. The scheme, which was designed by local architects Carey Jones Chapman Tolcher, sits adjacent to UNCLE Phase 1, which was forward funded by the same partnership team. In total, 951 homes will be delivered across both sites.
Damien Sharkey, managing director at HUB, said: “We are thrilled to have secured forward funding for our second development in Leeds, continuing our longstanding partnership with Realstar. This deal is testament to the quality of the scheme, and to HUB’s strong track record.
“Work has already started on site, and we look forward to delivering a scheme that will continue the transformation of this exciting area of Leeds, providing attainable homes for local people, as well as fantastic new public realm. The BTR sector is continuing to prove its resilience in turbulent times, and we are feeling very optimistic about 2023, with further deals coming forward over the next few months.”
Simon Ringer, partner and head of property funds at Bridges Fund Management, said: “Our latest forward-funding partnership with Realstar is further evidence of the strong institutional demand for high-quality, highly sustainable residential assets. UNCLE Leeds Phase 2 will perfectly complement our existing scheme in Leeds, addressing the clear local demand for quality lower-cost housing and creating attractive public realm that will benefit the whole community.”
Ryan Prince, vice chairman of Realstar and founder of UNCLE, added: “In the last 10 years we have continued to see demand for high quality rentals increase. UNCLE is committed to creating neighbourhoods that benefit our residents and the local areas around them. Our newest UNCLE Leeds does just that, bringing beautiful design, innovative common areas and great resident managers to an exciting area of Leeds.”
HUB was advised by Knight Frank Frank and Addleshaw Goddard. RG Group has been appointed as main contractor. Site works will begin immediately and are expected to complete in 2025.
