JRL Group (JRL) and Housing Growth Partnership (HGP) have formed a £145m joint venture to deliver a 414-home multi-family scheme in Luton.
The Castle Street development will comprise 402 private rental apartments and 12 discounted market rent homes across three blocks. The on-site amenity provision will include a rooftop lounge, co-working spaces, gym, landscaped roof terraces and shared gardens.
HGP – the Lloyds-backed equity investor in the UK living sector – is providing £28m of equity funding for the JV that will sit alongside JRL’s equity to deliver the project.
Matthew Beech, investment director at JRL, said: “Forming this partnership with HGP to bring forward our Castle Street development is a significant milestone for the scheme. Castle Street will set a new benchmark for rental living in Luton, a town undergoing a once-in-a-generation regeneration, with investment transforming its economy, infrastructure and public realm. By delivering high quality, professionally managed rental homes, JRL is proud to be helping to shape the future of Luton.”
Colin Bennett, investment director at HGP, added: “This first joint venture with JRL underlines our confidence in the resilience of the Living sector at a time when economic and planning constraints are impacting housing starts. We are excited to bring the first BTR homes to Luton, made possible by the alignment of JRL’s delivery expertise with our flexible, long-term investment approach. This partnership will accelerate the scheme’s delivery, and we look forward to exploring further opportunities together in the future.”
