New deal fuels homes for rent boom

HOME builder Countryside has agreed  a second delivery agreement with funding partners Sigma Capital Group plc and Gatehouse Bank to develop around 900 further new homes for rent across Greater Manchester and Liverpool.

A range of two to four bedroom houses will be provided over 10 sites ranging in size from  around 40 to 140 dwellings.  These include a further phase at Norris Green Village in Liverpool and a new development, Heyfields, at Walkden in Salford to create mixed-tenure communities.  

The first project has recently started on site and all the homes are expected to be completed by 2019.

This is the second major deal this week in the North West residential property secrtor, after Grainger said it would be investing £100m ito build hundreds of  apartments Salford Quays.

This deal, with a value of £114m,  follows the successful initial agreement between the partners in December 2014 which provided for the delivery of 927 new homes for private rent. So far 374 homes have been completed with the remainder anticipated by September this year.

Ian Sutcliffe, chief executive of Countryside said:  “We are very pleased to be extending the successful relationship with our partners Sigma and Gatehouse Bank. In addition to providing new private rented homes this agreement also includes plans for several mixed tenure developments, drawing on the strength of our partnerships division and its 30 years’ experience in urban regeneration.”

Graham Barnet, chief executive of Sigma Capital added: “The second phase of our collaboration with Gatehouse Bank is part of our wider objective to create a £1bn portfolio of rental homes across the UK over the next four years.”

Abdulaziz AlDuweesh, chief investment officer of Gatehouse Bank Plc said: “Just over a year ago we invested in the first phase of development of over £100m in 900 new build homes. Now we are delighted to continue working with Countryside and Sigma again to extend the investment in this sector with another 900 new build homes as part of a wider investment programme.”