£30m bank support will enable build-to-rent specialist to deliver 319 homes
Register for free to receive latest news stories direct to your inboxRegister
Salford-based build-to-rent developer, Placefirst, has secured a £30m funding package from NatWest to build 319 homes for rent across the UK by 2023.
The funding package covers a three-year period and will be used to grow Placefirst’s existing portfolio of more than 1,150 rental properties.
The finance will also support the company as it expands its workforce, with plans already under way to increase its existing workforce of 65 staff, with the addition of three property managers for its new developments.
Placefirst’s developments are predominantly based across the North West, including sites in Leeds, Sheffield, Liverpool, Morecambe and Accrington.
The next stage of business growth will focus on expanding across the UK, with plans in place for new units in Scotland.
Placefirst is a pioneer in the fast-growing build-to-rent (BTR) market and specialises in both new build schemes and transforming existing neighbourhoods through innovative refurbishment, development, and a commitment to community placemaking.
Placefirst director, Nichola Halverson, said: “Our goal is to design, build, professionally manage and maintain neighbourhoods, with residents’ needs at the heart of everything we do.
“We believe there is a better deal out there when it comes to renting a home and are committed to providing a genuine alternative to home ownership.”
She added: “The funding package from NatWest will allow us to expand our work in transforming and building vibrant communities in the North West and across the country. From our developments so far, we have successfully seen communities flourish and grow as a result of the quality and imagination we bring to every build and the high levels of ongoing service we’re able to offer to all residents.”
Paul Mercer, NatWest relationship director, said: “We have worked with Placefirst since it was first established in 2010, and, as a result, have formed a very strong collaborative relationship.
“The latest funding package will allow the company to expand and build on the community focused developments it has already created in the North West. We are excited by the prospect of similar developments transforming different areas across the rest of the country.”