Bellway secures backing for Derby housing
Investment group Long Harbour has agreed to forward fund the delivery of 175 single family rental homes across two schemes in Derby and Desborough.
A total of 94 houses will be built by Bellway at Snelsmoor Village in Derby, part of an urban extension of almost 800 homes near Chellaston in south east Derby. A further 81 houses will be built at Weavers Fields in Desborough, Northamptonshire
These investments mark the first acquisitions in the region on behalf of Long Harbour’s Single Family Housing Fund.
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.”
Savills Operational Markets advised Bellway on Weavers Fields, and Fisher German acted on behalf of Bellway at Snelsmoor Village.
The deal marked Fisher German’s first completed SFH transaction as the firm expands into the sector.
Luke Brafield, partner in Fisher German’s sevelopment agency team, added: “Our development agency and investment teams worked closely throughout the transaction to bring the deal to completion for Bellway, and we expect to advise on further deals as we continue to support developers and investors in delivering professionally managed rental communities across the UK.”
