Joint venture partners Placefirst and Strata have entered into a partnership with Auxesia Homes to deliver 104 single-family rental homes in Bilborough, Nottingham.
The Chingford Meadows development will provide 70 three-bedroom homes and 34 four-bedroom homes, all of which will be managed and maintained by Placefirst. Of the new homes, 26 will be affordable and will be acquired by Auxesia Homes.
The forward-funded scheme is Placefirst’s first investment in Nottingham and will bring the total number of homes delivered through its JV with Strata to 232.
Henry Marshall, chief investment officer at Placefirst said: “Chingford Meadows is a strong testament to the success that sustained partnership can bring. Together with Strata, we are bringing to the East Midlands’ largest city new, high quality single-family rental homes for the local community, as part of our first investment in Nottingham.
“Strengthening our partnership with Strata allows us to accelerate delivery and build at greater scale. The urgency of this shouldn’t be underestimated as the growing shortfall of such homes in the private rental market is estimated to be in the millions. This second scheme is a clear demonstration of what our joint venture and shared commitment can achieve, and it brings us closer to our ambition of delivering 500 homes through this partnership.
“This new scheme also reflects our mission to deliver the best for the UK’s community of renters, offering them quality single-family homes that provide them with the space and stability they need to settle and put down roots in places where they want to live. As regeneration and placemaking specialists, we know that it is only by giving renters this homeowner quality experience that we can foster embedded, long-term communities.
“We are also delighted that the development will bring 26 new affordable rental homes to the area offering local people safe, energy-efficient places to live.”
Gemma Smith, chief executive officer of Strata, added: “This project is a fantastic example of the power of long-term collaboration. Working closely with Nottingham City Council, Placefirst and Auxesia, we’ve been able to unlock a site that will now deliver genuine social and economic value for the city.
“It’s especially exciting to be delivering our first Midlands-based single-family housing site with Placefirst – a partner that shares our values when it comes to quality, placemaking and long-term stewardship. This marks a major step forward in our ambitions to grow our footprint in the Midlands through meaningful partnerships and mixed-tenure communities.”
Claire Donnelly, interim chief executive officer of Auxesia Homes, said: “This deal represents a step change in how we approach site delivery. By bringing together three like-minded organisations, we’ve created a model that not only works commercially but also delivers meaningful social value. It shows what can be achieved when ambition, innovation, and shared purpose come together – and we’re excited to build on this success across future developments.”
