Long Harbour has agreed a deal with Bellway to forward fund the delivery of 175 new single-family rental homes (SFH) in Derby and Desborough.
At Snelsmoor Village, Derby, the 94 SFH homes form part of a wider masterplan for the site, which will eventually see 795 homes, a 60-acre country park, woodlands and a playing field delivered. At Weavers Field, near Desborough town centre, Long Harbour is funding the delivery of 81 SFH homes.
These investments mark the first acquisitions in the region on behalf of the Long Harbour Single Family Housing Fund (LHSFF). To date the fund has committed to circa £200m of acquisitions, which will deliver almost 500 homes, with a further £500m of identified opportunities. The fund is targeting a total investment amount of £1.2bn including debt, having recently secured further capital from the National Housing Bank of £100m.
Jack Spearman, managing director of single-family housing at Long Harbour, said: “Our latest acquisition of two new sites underlines the momentum behind our single family strategy and our strong relationships with housebuilders. The East Midlands region is an area with high economic growth prospects and a strong demand for rental housing. These high quality homes delivered by Bellway offer a superior product to existing housing stock in the area, which combined with our Way of Life management offer makes a compelling offer to local renters.”
Paul Smits, managing director for Bellway northern Home Counties, added: “The acquisition by Long Harbour in Desborough will enable more people to experience the benefits of living in a new energy efficient home. Bellway is known for building high quality homes and has secured HBF five-star builder status for 10 consecutive years. We have also invested in new low carbon technologies to benefit our customers and the environment. This commitment to quality and innovation has been recognised by Long Harbour and aligns with its own priorities.”
Paul Coleman, managing director of Bellway East Midlands, said: “Bellway is already providing private homes for sale across the Snelsmoor Village area, in addition to affordable homes for rental or shared ownership. These private rental homes will provide more choice to people living in this part of Derbyshire.”
