Placefirst and Wain Homes have agreed a forward-funding deal to deliver 72 new single-family rental homes in Preston.
The two- and three-bedroom homes will form part of Phase 3 of The Paddocks masterplan, which is set to deliver 429 homes in Higher Bartle, four miles from the centre of Preston. The wider masterplan will deliver more than 1,000 homes across five phases.
The homes will be completed in phases between January 2027 and January 2028 and have a total GDV of £20.5m.
Anna Hwang, chief investment officer at Placefirst, said: “This deal marks Placefirst’s entry into the Preston market, where there is demand for high quality rental housing. Partnering with Wain Homes, a housebuilder with a proven reputation for quality and delivery, gives us great confidence in the scheme’s future success. The Paddocks will provide attractive, energy efficient homes and we look forward to welcoming our first residents in 2027.”
Richard Chamberlain, regional managing director at Wain Homes, added: “We’re pleased to be partnering with Placefirst on this forward-funded agreement at The Paddocks. It brings together two businesses with a shared commitment to quality, sustainability and creating homes that meet local demand. This partnership will help bring a range of high quality rental homes to Preston, supporting the next phase of this growing community.”
JLL advised Wain Homes on the deal.
