Suburban built-to-rent company launched aimed at North West family sector
Manchester-based property business Peel L&P has launched a suburban built-to-rent company, Letta, offering properties to be let and managed by Liverpool-based property agency, Redwing, part of the Regenda Group.
It will enable renters from across the North West to benefit from new energy-efficient family homes as part of the recently formed partnership.
Letta will deliver an initial pipeline of 100 new family homes for market rent across two sites in Bolton and one in Ellesmere Port and has identified a pipeline of up to 1,000 homes that can be delivered over the next five years.
All homes are currently being developed by Peel L&P’s homebuilder, Northstone.
Homes available will range from two- to four-bed properties, all with private gardens set within communities that are well connected to green spaces, rich in biodiversity and close to key transport links and sustainable travel routes.
Northstone builds beyond the current building regulations for energy performance, with better insulated and triple-glazed homes that feature smart household technology to help reduce energy bills.
The homes will be built across three sites, at Glisk, Northstone’s new Ellesmere Port development at Rossfield Park. Further properties will be located at Silkash, Northstone’s first scheme in Westhoughton, and also available at Airie at Garnet Fold, Bolton.
Homes will be available to rent from November 2022.
Phil Wilson, Peel L&P’s executive director for land, communities and homebuilding, and chief executive of Northstone, said: “The build to rent market has grown enormously, predominantly with successful city centre apartment schemes, however, following the pandemic and with the general pent up demand from families also wanting to rent, we now see the opportunity to offer high quality and well managed rental accommodation in our suburban neighbourhoods that suit their lifestyle changes and more agile working patterns.
“With excellent commuter routes to nearby towns and cities, Northstone’s homes are ideal for people wanting to move out of the city centre with the flexibility of renting at more affordable prices rather than buying.
“Our new partnership with Redwing offers a better choice of housing managed by a trusted landlord and the reassurance of a homebuilder that’s heavily invested in creating sustainable communities and we’ll look to scale up the number of properties over the next five years.”
Michelle Brooks, director of operations at Redwing, said: “Redwing and Peel L&P have worked together on a number of exciting projects, including Plaza 1821 in Princes Dock in Liverpool. This new partnership will provide more high quality, energy-efficient homes across the North West and we’re proud to partner with Peel L&P on this exciting new business.”
Letta is derived from the Old English term ‘Leta’ meaning ‘put to rent’, which follows Northstone’s naming strategy for its developments.