£43m deal completed for 297-home Leicester development
A residential scheme in Leicester city centre has moved a step closer after Long Harbour, the alternative real estate asset manager and the Sowden Group completed their forward fund transaction to deliver 297 homes for rent on Vaughan Way
Winvic Construction has been appointed as preferred contractor to deliver the scheme.
Construction will now commence on site with delivery of the units expected in April 2019.
Long Harbour will retain ownership of the scheme and fund the development through The Long Harbour Income Fund, its institutional PRS fund.
Long Harbour’s investment and development director, Rebecca Taylor said: “We are very pleased to have closed this deal with our local developer partner Sowden and Winvic as the contractor. Leicester was identified as a target area for investment early on given its diverse and growing economy and forecast population growth. We are passionate about delivering both quality and affordable homes that people will want to rent. We have worked hard with our advisors, the design team and delivery partners to ensure the scheme reflects this. Vaughan Way is our first investment in the East Midlands and demonstrates Long Harbour’s continued commitment to the Private Rented Sector having now invested in excess of £355 million into the space.”
Roy Coley of Sowden Group added: “This is a great development which will considerably enhance a side of the inner ring road which has been neglected in the past. We are pleased that it is attracting large scale investment from London asset managers. As well as a first for Leicester, this is probably the only London investment in PRS in the East Midlands.”
Danny Cross, Winvic’s business development manager, said: “This is another excellent opportunity to enhance our reputation for delivering high-profile, multi-room schemes in Leicester. This will be our first opportunity to work with Long Harbour on behalf of the Sowden Group, so we look forward to that association delivering a project that provides the city centre with more high quality living space.”
The site lies within Leicester’s strategic regeneration area and is directly opposite the new extension of the High Cross shopping centre. A historic Roman mosaic floor was discovered on the site earlier this year which will be on display in the nearby Jewry Wall Museum in St Nicholas Circle.
