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Housing Growth Partnership (“HGP”) has committed £13m to a joint venture with McGoff Group (“McGoff”) to deliver the new Downtown Victoria North build-to-rent scheme in Manchester.

The development is situated on a former gasworks on Rochdale Road and represents a key element of the wider Victoria North regeneration programme. Construction work has now started and is scheduled to complete in late 2025.

The development of one, two and three-bedroom apartments and townhouses is situated a 10-minute walk from the centre of Manchester and will provide tenants with a high-quality living experience.

The completed site will feature extensive landscaping, including a communal garden courtyard with seating areas, pocket square and private gardens. It will also offer a reception with spacious seating area and business centre, a 24/7 concierge service, a residents’ lounge, fully equipped gym, underground car parking and bicycle storage.

McGoff Group will undertake all aspects of the delivery of the scheme with McGoff Construction acting as main contractor and McGoff’s sister company, Downtown Asset Management, operating the completed development. This project represents McGoff’s second Manchester city centre development following completion of its 374-unit ‘Downtown’ development on the banks of the river Irwell in Salford in 2020.

John McKeon, Investment Director for HGP, commented: “Our investment with McGoff highlights the role that equity funding plays in getting housing projects off the ground across the UK during a high interest rate environment. Downtown Victoria North promises to be an excellent scheme that will provide tenants with a high-quality place to live within walking distance from the city centre.  McGoff have a great track record in the delivery and operation of schemes of this nature across the North West and we look forward to partnering with them on this and other developments.”

Chris McGoff, director at the McGoff Group, adds: “We’re thrilled to have established a joint venture with Housing Growth Partnership, working with them to deliver Downtown Victoria North.  The development is located in a superb part of Manchester city centre.  Furthermore, the design and mix of properties within the scheme are excellent.  We are confident this BTR scheme will prove popular with the discerning Manchester rental market.”

The Equity JV aims to develop a secured pipeline of regeneration sites across cities including Glasgow, Newcastle and Nottingham over the next 3-5 years. BCorp developer igloo Regeneration will be responsible for delivering schemes, with construction of initial phase of first 400-home community in Glasgow underway.

Housing Growth Partnership and PfP Capital, the social value and ESG-focused real estate fund manager, have announced a joint venture (“JV”) which will deliver residential-led, urban communities across the UK.

Targeting the construction of up to 1,200 highly sustainable homes, with a Gross Development Value of c. £390 million, the JV is being launched to tackle declining new home delivery, ageing stock and ongoing under investment in the UK regions.

Housing Growth Partnership and PfP Capital will both provide equity and the JV will develop individually designed urban communities, centred around high quality homes, across an initial 10 sites located in major UK regional cities, over the next 3-5 years.

igloo Regeneration, the BCorp developer acquired by PfP Capital in January, will be responsible for developing the schemes, masterplanned by PfP igloo, a long-term partnership between PfP Capital and igloo Regeneration in collaboration with local authority counterparties. The JV will leverage igloo Regeneration’s proprietary Footprint methodology, an internationally recognised comprehensive and holistic model for reviewing the environmental impact of design and investment decisions.

The first scheme to be brought forward is the initial phase of a 400-home development at Dundashill, in Glasgow. The development, a mix of two- three- and four-bedroom homes for sale, will be highly sustainable across the design, construction and operational stages, being of panellised modular construction with materials sourced from the local area. 80% of the low energy properties will target an EPC A rating, with additional features including photovoltaic roof panels, as well as air source heat pumps and EV enabled parking. A cycle path, linking the site to Glasgow city centre will encourage healthy living habits and improve accessibility.

Rachel Miller, investment director at Housing Growth Partnership, stated: “In PfP Capital and igloo, we have a partner that shares both our social impact and sustainability values, and our desire to accelerate the much needed delivery of quality homes across the UK. The JV reflects HGP’s ambition to support the UK’s diverse housing need through strategic partnerships with experienced developers and will see significant capital deployed into the transformation of urban brownfield sites in regional cities.”

John Tatham, finance director, at PfP Capital, commented: “This partnership will accelerate the development of over 1,200 highly sustainable homes across the UK, at a time when the pace of new home delivery is rapidly declining. Residential regeneration, and above all, community-led regeneration is key to revitalising parts of the UK that have suffered from underinvestment.  Through bringing together a highly established equity investor, fund manager and award-winning developer, and leveraging long established local authority relationships, the JV will deliver tangible social value alongside competitive and stable long term investment returns from day one.”

Peter Connolly, CEO at igloo, added: “Dundashill is an excellent example of the low carbon, sustainable homes that should be a blueprint for the UK’s future housing delivery.  Connected to local ecology, cycle and walkways and nearby amenities, the JV will bring forward these schemes in partnership with existing communities using the igloo footprint ® methodology to ensure that they enrich people’s lives and the planet.”

If you are housebuilder looking for growth and to accelerate your business through funding get in touch with HGP today.

Social impact investor Housing Growth Partnership (HGP) and Midlands-based developer Cora are proud to announce their most recent partnership to help bring about the delivery of houses to benefit local people and communities.

HGP, which is backed by Lloyds Bank and Homes England, has awarded an investment of £1.9m to the developer to help bring high quality new homes to the village of Stoke Golding. Stoke Golding is a charming and historic village located in the heart of Leicestershire and is known for its friendly community. The village is surrounded by beautiful countryside, providing ample opportunities for outdoor activities such as hiking, cycling and boat rides along the tranquil Ashby-de-la-Zouch canal. It is also home to the historic St Margaret’s Church, which dates back to the 12th century and is a must-see for history buffs. It’s also known for the Battle of Bosworth Field, which took place nearby in 1485 and played a crucial role in the War of the Roses.

The scheme in Stoke Golding, to be named “Stoche Acre” is HGP’s first investment alongside Cora and is set to deliver a mix of 2 to 5 bedroom home styles, which will benefit from allocated garages and parking, as well as electric vehicle charging points. The development is conveniently located for travel to larger surrounding towns and cities and the perfect balance of serenity and accessibility makes the homes an ideal location for first-time buyers, singles, couples, retirees as well as families. More information can be found on the Cora website, with the homes available for sale towards the end of 2023.

Cora, are a well-established local developer with a strong track record and excellent reputation delivering homes in the Midlands, with a mission to create amazing places, by building and enhancing green, safe and sustainable neighbourhoods with infrastructure for the long term.

Mike Murphy, Midlands & Wales Investment Director of HGP commented “We are delighted to be working alongside Cora to deliver 65 units in an attractive location in Leicestershire. The management team are looking to grow their business further and the investment of HGP allows Cora to stretch their equity, efficiently deploying its capital in order to accelerate other schemes within their pipeline. We look forward to working with Cora to support them with their exciting growth ambitions moving forwards”.

Luke Simmons, Managing Director at Cora, said “We are delighted to be working alongside HGP who share our vision for creating communities that put people and the environment first. Their support will allow us to deliver more excellent quality, energy efficient and low maintenance homes here in the Midlands, building communities that promote health, happiness and wellbeing. Creating amazing places like Stoche Acre is what drives us as a business, and we look forward to showcasing another thriving, climate-resilient community here in Leicestershire.”

If you are housebuilder looking for growth and to accelerate your business through funding get in touch with HGP today. For further information about the new homes for sale visit https://cora.uk/development/stoche-acre/#location

• 208 homes to be built on the edge of the Old Oak Common regeneration area, including 58 affordable homes
• HGP have committed £14m equity, with £73m debt from Cheyne Capital Real Estate
• Construction work has commenced onsite

Today, 16^th February 2023, City & Docklands Property Group and Housing Growth Partnership (HGP) have announced an equity partnership to develop 208 homes, including 58 affordable homes, in a scheme ranging from 7 to 24 storeys.

North Kensington Gate is a gateway regeneration site within the OPDC regeneration area. It will be a 5 minute walk from the new Old Oak Common transport super-hub, the link between the Elizabeth Line and HS2 which is set to be the largest and best-connected station in the UK. The development will deliver some of the first homes within this west London regeneration area, contributing to the OPDC’s overall target of delivering 25,500 homes in the next 20 years.

Housing Growth Partnership is investing £14m equity in the deal, with lender Cheyne Capital Real Estate committing £73m of development debt.

The scheme has been designed to deliver 208 one, two and three bedroom homes, together with residents amenities that will include an onsite resident and business lounge, sky terrace and landscaped gardens. Residents will also have access to the Mary Seacole bar and casual dining, artist studios and a beautiful outside seating area leading to the landscaped Mary Seacole Gardens & Grand Union Canal at the adjacent City & Docklands development, Mitre Yard.

This represents HGP’s first investment with City & Docklands, and is the largest investment made since the expansion of the HGP III Fund this year. This deal is funded by HGP’s parent company Lloyds Banking Group to accelerate equity investment into larger urban schemes and a wider range of residential sectors.

Rachel Miller, Investment Director at HGP commented: “We are delighted to be supporting our new and highly experienced partner City & Docklands to develop these homes which will catalyse this key brownfield regeneration site in London. The transaction represents HGP’s ambition in scaling up our investments to tackle housing challenges, and our remit to support the growth of our development partners.”

Anna Bulach at Cheyne Capital Real Estate commented: “We are delighted to be the lender of choice yet again to City & Docklands and their new joint venture partner Housing Growth Partnership, and to continue supporting their efforts in driving forward the delivery of high quality homes across London. The development occupies an important position at the Eastern gateway to one of the largest regeneration projects in the UK. We look forward to seeing North Kensington Gate lead the way for similar developments in the area in the coming years.”

Gary Sacks, Chairman and CEO at City & Docklands adds:  “We are very happy to be partnering with HGP on such a key regeneration site, within one of Europe’s most high-profile and exciting regeneration projects. We are also pleased to be developing the site with debt funding from our longstanding development debt-providers, Cheyne Capital Real Estate. This development follows the delivery of 701 homes at One West Point in North Acton, and will contribute to the overall delivery of more than 1150 homes in west London by City & Docklands, in the next two years.”

The Housing Growth Partnership (‘HGP’) and Oakwood Group Limited (‘Oakwood’) are pleased to announce the creation of a joint venture to develop 49 new homes in Northwich, Cheshire. The project will be the first collaboration between HGP and Oakwood and will see the delivery of 35 open market semi detached and detached family homes and 14 affordable units bringing much needed housing to the area.

To date Oakwood have funded their own developments but recognising their ambitions to grow they have partnered with HGP on this site to free up equity in the business to deploy into other sites in their pipeline.  Northwich will constitute the largest Oakwood site to date having previously completed smaller developments in St Helens, Halsall, Atherton and Ormskirk. United Trust Bank will provide a £7.7m debt facility as part of the funding package.

The 1.2 hectare brownfield site has been undeveloped land since the late 1800s and was an overgrown wasteland and eyesore in the local area prior to development commencing.  The project will create an attractive development with a pleasant street aimed at a broad range of potential purchasers including first time buyers to young families.

John McKeon of HGP commented ‘We are very pleased to be working with Jonathon and the team at Oakwood.  They are an ambitious company with a strong track record in the delivery of a high quality product and their ambitions to grow the business align well with the HGP ethos and funding model.  The Northwich site is a great starting point for the relationship, and we look forward to bringing forward more sites with Oakwood in the future.’

Jonathon Ball, MD of Oakwood commented, we are very pleased to have completed this deal with Housing Growth Partnership.  We have been self-funding our projects for several years, but with our plans to expand into taking on multiple larger projects it become clear that investment was required to grow sustainably.  In HGP we have found a great funding partner that understands our vision and goals, and rather than just being interested in return on investment they are supportive in our ambitions and long-term aspirations for our company.

Oakwood Group is based in Aintree, Merseyside, and was established in 2014 by MD Jonathon Ball.  The business was a finalist in the 2020 Housebuilder Awards and the 2021 & 2022 Northern Housing Awards.

Eutopia Homes and Housing Growth Partnership (HGP) have announced the completion of a Joint Venture which will progress two neighbouring Build to Rent schemes, totalling 144 units, in Exeter.

Both schemes form part of the wider masterplan for Exmouth Junction (a 15 acres site on a former railway junction), which will see the delivery of 540 units in the coming years, transforming the area and providing a range of amenities in a landscaped setting.

Eutopia will break ground on the first of the two developments, The Hay, in March 2023.  The Hay will provide residents with a mix of 1, 2 and 3 bedroom apartments and has been designed to the highest environmental standards: features and amenities include a car club, electric vehicle charge points and 100 cycle storage spaces.  Two roof terraces and a residents lounge and collaborative space on the ground floor will create a social, community focussed living experience for residents.

The joint venture will look to sell both schemes post a rental stabilisation period, with strong rental demand expected from young professionals in Exeter which continues to experience a significant undersupply in accommodation in the city centre.

John McKeon, Investment Director for HGP, noted:

“We are delighted to be supporting our first Build to Rent Schemes alongside Eutopia. Scott and the team at Eutopia have a strong track record of delivery in the BTR sector. We look forward to supporting Eutopia across further schemes and supporting more of our partners in the BTR sector. “

Scott Hammond, CEO of Eutopia Homes,

“HGP’s investment into the emerging BTR sector is great news for the industry. The Exeter schemes offer great rental prospects for professionals who face limited opportunities to rent well designed apartments. As part of the developments, we will be offering 20% of the units for key workers at a discounted market rent – the first such offering in the City.”

Notes:

HGP is a social impact equity investment fund backed by Lloyds Banking Group and Homes England with an objective to support SME and mid-market housebuilders and developers deliver new homes.  To date, HGP investments have delivered over 7,500 new homes (with GDV in excess of £2bn) across Build to Rent, PBSA, Open Market, Retirement Living and Regeneration schemes.

Eutopia Homes was formed in 2017 by Scott Hammond. Eutopia was established to focus on city centre BTR projects close to transport hubs in key regional UK cities with first class universities, strong retail and leisure facilities and a strong employment base. The company has secured planning consent for over 1500 units in Birmingham, Exeter and Greater Manchester. It has further pipeline projects in Gloucester and Kent for 500 residential units.

We are delighted to announce the addition of Nicola Barclay to the HGP Senior Advisor Panel.

Most recently Nicola was Chief Executive and main board director of industry body, Homes for Scotland. In that role Nicola represented the industry on the NHBC Scotland Committee and the Scottish Government Building Standards Futures Board, and played a leading role in  supporting its members to deliver high-quality, energy-efficient and sustainable homes.

Nicola is a qualified planner with 30 years’ professional experience in the Scottish housebuilding sector, holding senior positions within several house builders, as well as the Scottish Futures Trust.

HGP Senior Advisors are a group of experienced industry experts funded by HGP who are made available to our partners when HGP invests in a scheme, to provide support and guidance as it is required throughout the life of the project.  To date, our Senior Advisors have provided over 900 days of support to our partners.

Neil has an enviable track record of deal making across all property sectors having held senior land positions in a number of national and regional housebuilders and property companies. With a specialism in strategic and immediate land acquisition; development appraisal; joint ventures; affordable housing; planning promotion and site identification, Neil will bring a wide range of experiences, contacts and skills to the HGP team.

HGP provides equity funding to all aspects of the residential living sector including PBSA, BTR, PRS, retirement, private sale and affordable housing. With a strong focus on deal making and delivery, Neil’s focus will be to work with partners to invest HGP’s equity in joint ventures.

Social impact investor Housing Growth Partnership (HGP) and Midlands-based developer Rippon Homes are proud to announce their most recent partnership to help bring about the delivery of houses to benefit local people and communities.

HGP, which is backed by Lloyds Bank and Homes England, has awarded an investment of £1.6m to the developer to help bring high quality new homes to the village of Woodhall Spa. Woodhall Spa is an attractive village located 13 miles east of Lincoln with good transport links making it a suitable destination for commuters into Lincoln, Sleaford and Newark. The village is noted for its nearby golf club and is recognised as the base for England Golf, being the governing body for amateur golf in England and also boasts The Kinema in the Woods (the only fully functioning cinema in the UK to employ back projection, tucked away in the woodland).

The scheme on Tattershall Road, to be named Woodcock Grange”, is HGP’s first investment alongside Rippon Homes and is set to deliver a mix of one to four bedroom home styles, including bungalows, which will benefit from single or double garages as well as a private garden. The homeswill be suitable for a range of buyers including first-time buyers, singles, couples, retirees as well as families and will be available for sale towards the end of 2022.

Rippon Homes, founded in 1953, has an impressive track record of delivering quality homes in desirable locations. Rippon Homes sees partnering with HGP as a great opportunity to allow the business to scale further and bring new developments to market.

Mike Murphy, HGP investment director, said: “We’re extremely proud and excited to be working with Rippon Homes for the first time to enable the company to grow its already impressive portfolio of developments. “With our eyes firmly fixed on the future, we are now in discussions about the sites that are in the pipeline and we look forward to working with Ian and the team moving forwards”

Ian Dyke, managing director at Rippon Homes, said: “This investment will be pivotal to our growth and we’re excited to be on this journey with a trusted investment partner.”

If you are housebuilder looking for growth and to accelerate your business through funding get in touch with HGP today. For further information about the new homes for sale visit https://www.ripponhomes.co.uk/find-a-new-home/woodcock-grange/.