Joint venture formed to deliver more than 500 rental homes

Build to rent developer and operator, Placefirst, has established a joint venture with Doncaster-headquartered housebuilder Strata to deliver over 500 single-family homes by 2028.

It marks the first private sector joint venture for Placefirst. The partnership will begin with the pair delivering 128 homes at Strata’s “Desire” development near Thorpe Park, Leeds.

The homes will be built using Modern Methods of Construction (MMC), enabling them to be delivered significantly faster and more sustainably than traditional building approaches, ensuring they enter the rental market quickly to meet rising demand.

With completion scheduled for May 2025, the agreement will see Placefirst manage and maintain a mix of two-bedroom townhouses in addition to three and four-bedroom semi-detached homes.

It will be Placefirst’s second neighbourhood in Leeds, after Cross Heath Grove in the south of the city.

KPMG Corporate Finance and Squire Patton Boggs advised Strata, and the framework agreement has already identified a further 221 homes for delivery across the UK.

Anna Hwang, chief investment officer of Placefirst, said: “Our ambition to deliver more quality homes across the UK comes down to a simple belief: renters deserve better.

“For too long, poor-quality housing with unstable tenancies has been the norm in the UK’s rental market.

“We know the only way to solve this problem is deliver more expertly-built, professionally-operated rental homes – whether through building them ourselves or through collaborative partnerships.

“This partnership with Strata is one such example and represents an important step forward in our mission.

“Combining our expertise, we can deliver sustainable homes at scale faster than ever before.

“With over a decade of placemaking experience, we understand the importance for residents to feel settled and put down roots.

“By prioritising creating neighbourhoods with a mix of home sizes, such as the first tranche of this partnership, we will continue to create places where our residents can thrive long-term, supporting them at every stage of their life.”

Gemma Smith, chief executive officer at Strata, added: “This partnership with Placefirst is a natural progression for Strata as we continue evolving to become an innovative multi tenure home builder.

“We believe everyone should have the opportunity to live in a home that is beautifully designed, build to high quality and energy efficient, whether buying or renting.

“We see it as our role to create communities that will in turn improve the lives of generations to come.

“By joining forces, we can expand this vision and not only deliver more high-quality homes in areas of need, but use our combined experience to ensure our developments retain a strong sense of community and meet the needs of residents today and in the future.”