The Hill Group has agreed its first build-to-rent forward funding deal with Lloyds Living on a scheme in Stevenage, Hertfordshire.
The 264-apartment scheme forms phase one of a masterplan comprising 576 apartments, which is being led by The Hill Group.
The one- and two-bedroom apartments will be split across three buildings and residents will have access to an on-site concierge, gym, co-working spaces and parking facilities.
Lloyds Living, the rental and shared ownership home provider arm of Lloyds Banking Group, will oversee the management and leasing of the properties upon completion in 2026.
Andy Hill OBE, founder and group chief executive of The Hill Group, said: “We are pleased to confirm the completion of our first build-to-rent deal demonstrating our commitment to this expanding market. Combining our experience in delivering thriving places to live with the strong track record that Lloyds Living has as a funder and operator in the rental sector, we are delighted to move ahead with this exciting development in Stevenage.
“These high-quality apartments are in a prime location with excellent amenities for residents, making the development an attractive option for the growing number of professionals seeking rental homes in the area.”
Andy Hutchinson, CEO of Lloyds Living, added: “Build-to-rent is a growing sector and an important part of meeting the country’s housing needs. By investing in schemes like this with Hill, we are increasing the supply of quality homes for rent in areas where they are needed with the facilities people want.
Polly Simpson, head of multi-family development at Savills, which advised The Hill Group, said: “We’re delighted to have facilitated this milestone transaction for Hill Residential. Nexus represents our client’s first multi-family forward funding transaction, setting the stage for exciting growth in this sector for our client.”
