£5.7m investment key to major Highcross development
A £5.7m investment from Housing Growth Partnership (HGP) is key to bringing forward a major regeneration project in the Highcross area of Leicester, TheBusinessDesk.com has learnt.
The investment will mean a joint venture between Monk Estates and HGP will see 171 luxury rental 1-,2- & 3-bed apartments developed in a part-refurbishment of the locally listed EW Bryan Mill, constructed in the mid 1800s.
A further 141 new build homes will also be built on the site.
The area where the site is situated has been undergoing significant regeneration with a £250m development plan in place to transform 150 acres of industrial land into new homes, workspace, retail and leisure space.
Mike Murphy, Midlands & Wales investment director of HGP, told TheBusinessDesk.com “We are thrilled to be supporting our new and highly experienced partner Monk Estates to deliver HGP’s first Build to Rent scheme in the East Midlands region.
“This is just one of the many exciting asset classes HGP are keen to support following the expansion of our fund, which enables us to invest across all the living sectors.
“Our £5.7m investment will enable Monk Estates to deliver 171 much-needed rented accommodation in a prime location in Leicester city centre. Sam and Robert Monk have a strong track record of delivery in this sector and we’re very excited to continue working with the team on this scheme as well as many future developments.
“The Highcross development will significantly contribute to the regeneration that is already well underway further enhancing the attractiveness of the location to the target rental market.”
The property has been bought from local Leicester developer 4G Holdings and Living Choice Investments.
Earlier this week, Sam Monk told TheBusinessDesk.com: “We are absolutely delighted to be working with Housing Growth Partnership on this project. Working with Kira and Mike at HGP has been very refreshing; they have a really good understanding of the property market and which way its going, right now is leaning heavily towards the build-to-rent model which is great news for Hylyfe.
“It was a challenging time to put together the deal, particularly after it was put on hold in October last year by a local pension fund who couldn’t raise the funds. Housing Growth Partnership have been extremely helpful and we look forward to working on more projects together.”
