First deal for newly-formed housing estate regeneration business

Housing estate regeneration specialist, Place Capital Group, has made its first acquisition, in Fourth Street Place Consultants, for an undisclosed sum.

Manchester-based Place Capital Group works with local authorities and developers on place-led development strategies to unlock regeneration projects.

It was formed by David Smith-Milne and Peter Martin last month to work with some of the UK’s largest local authorities and landlords to regenerate neglected housing estates.

Smith-Milne was behind the Manchester-based build-to-rent vehicle Placefirst, but in January last year he stepped down after selling a substantial amount of his stock in the company to private equity backer ESO Capital.

Place Capital’s strategy is for rapid growth through a buy-and-build acquisition model.

London-based Fourth Street is a specialist place making consultancy formed by Jim Roberts and Dan Anderson. It works with public and private sector clients involved in place making and destination-led developments.

Recent clients include national developer Delancey on its landmark Earls Court project and numerous local authorities including Brighton and Hove and London boroughs Camden, Croydon, Southwark and Waltham Forest.

The partners left global property advisors Colliers International in 2012 to establish Fourth Street, which has developed a reputation as a specialist in destination development and place making, known for combining commercial acumen with creative problem-solving strategies.

David Smith-Milne, Place Capital Group chief executive, said: “We are delighted to be bringing Fourth Street into the Place Capital Group.

“The acquisition made perfect sense for Place Capital Group as the Fourth Street team is totally aligned to our vision to bring excellence and creativity to the regeneration of the UK’s forgotten housing estates.”

Peter Martin, Place Capital chairman, said: “Under the leadership of Dan and Jim, the business has developed some excellent long term client relationships and significant repeat contracts. Its reputation as a first class boutique advisory practice is based on working on some of the most complex and challenging place-led development projects in the UK and overseas and in unlocking really difficult regeneration projects through imaginative place making.”

Under the terms of the deal, Fourth Street will retain its own brand and management structure and will continue to serve existing clients.

However, with the added support and financial firepower of the Place Capital Group, it is planned that the business will grow and expand from its offices in London with a new presence in the North and additional recruitment to support the expansion plan.

Fourth Street will also support Place Capital Group on its projects, acting as the place making advisor to its growing portfolio of partnering contracts with local authorities and housing associations to unlock the regeneration and additional housing potential of the UK’s housing estates.

Dan Anderson, of Fourth Street, said: “We were immediately drawn to the Place Capital Group concept – both its commercial structure and its ambitious and transformative vision to bring much needed, imaginative place making to housing estates across the UK.

“Through the deal, we retain all that is special and unique about Fourth Street, but get the added benefit of being part of an ambitious, challenging and mission-led group structure that will introduce much needed new thinking to the UK’s housing problems.”

Place Capital Group works with large public organisations such as local authorities and housing associations through strategic development partnering contracts, applying its expertise and capital solutions to the regeneration of housing estates to create much needed additional affordable and mixed tenure housing.

Pannone Corporate and gunnercooke advised on the deal.