Funding deal secured for 488-home BTR scheme
Developer HUB has struck a £108m forward funding deal with Canadian real estate investment company Realstar, owner of residential rental brand UNCLE – to deliver a major regeneration scheme in Leeds.
The project, called Latitude Blue, will comprise 488 build-to-rent homes and is the second Leeds development from the partnership.
Latitude Blue, was acquired in partnership with Bridges Fund Management.
A forward funding deal was agreed on Latitude Purple (UNCLE Leeds Phase 1), the adjacent site, last year.
Together, the two phases of the scheme will make a significant contribution to the regeneration of this area of the city, delivering 951 homes across both sites.
This is HUB’s 11th forward funding deal and its fourth with Bridges and Realstar, following two north London BTR developments.
In total, the partnership between HUB, Bridges and Realstar has now completed £370m of forward funding deals, with 1,446 homes either completed or under construction.
Designed by local architects Carey Jones Chapman Tolcher (CJCT), the Leeds scheme includes extensive new public realm, taking advantage of the nearby canal as well as enhancing pedestrian and bicycle access to the city centre.
The site is in a mixed-use neighbourhood on Whitehall Road. Its neighbours include the city’s largest new office development, Wellington Place.
Damien Sharkey, managing director at HUB, said: “We are thrilled to have secured forward funding for our second development in Leeds, continuing our longstanding partnership with Realstar.
“This deal is testament to the quality of the scheme, and to HUB’s strong track record. Work has already started on site, and we look forward to delivering a scheme that will continue the transformation of this exciting area of Leeds, providing attainable homes for local people, as well as fantastic new public realm.
“The BTR sector is continuing to prove its resilience in turbulent times, and we are feeling very optimistic about 2023, with further deals coming forward over the next few months.”
RG Group has been appointed as main contractor. Works on site will begin immediately and are expected to complete in 2025.