Preferred Homes Limited (PHL) has appointed Lambert Smith Hampton to support its acquisition drive for new extra care housing development sites across the country.
PHL has secured backing of £100m from Nuveen Real Estate and its parent company TIAA to develop, own and manage its first eight extra care housing developments, and is targeting a pipeline of 50 schemes over the next four to seven years.
Developments are now complete or underway in Leeds, Telford and Nottingham with two further schemes scheduled to start shortly in Bicester and Shrewsbury, and three further schemes coming forward in the South East of England, the South West and the East Midlands.
LSH has been instructed to find sites of between one to 1.5 acres in urban areas in close proximity to amenities that are capable of accommodating 65 to 85 affordable units. The sites can be standalone or form part of larger development proposals.
Findlay MacAlpine, CEO of PHL, said “Having secured significant backing from Nuveen, and with our first sites up and running, we were keen to build on this momentum and recognise we need to have boots on the ground to identify suitable opportunities for development across the country.
“With its extensive network of offices and agents across the country, close working relationships with numerous local authorities along with their parent company Connells links, LSH was the obvious choice to support us in our acquisition programme. Having already worked with LSH in the acquisition and planning of our Nottingham site, they already have a great understanding of what our developments can offer to local communities making it an easy decision to appoint the firm”.
Charles McLean, national head of land and development at LSH, added: “We are pleased to be supporting PHL in this important endeavour to source additional sites for its affordable extra care developments. These developments provide much needed high-quality accommodation for older people, helping to meet demand for affordable accommodation in many areas.”
