Homes England are collaborating with Greater Manchester and West Yorkshire Pension Funds to develop Barings
Homes England funding is contributing to a Leeds residential scheme with 618 apartments.
The combined loan will be £96.7m to construct five buildings.
The apartments are two- and three- bedroom
The development will span five acres with 10,000 sq ft of amenity space, a residents’ lounge, co-working area, gym, two private roof terraces, and 3,800 sq ft of commercial space.
The development will be located on Kirkstall Road, within a mile of Leeds City centre and not far from the River Aire. The apartments will be within walking distance of Wellington Place, and around a mile from Leeds Central railway station. The University of Leeds and Leeds Beckett University will both also be nearby.
Nigel Barclay, director of loans at Homes England, said: “As the Government’s housing and regeneration agency, we are committed to working in partnership with organisations in both the public and private sector, to achieve their ambitions and develop much needed new homes across the country.
“The Kirkstall Road Scheme is an excellent example of how the Agency’s Home Building Fund is delivering in priority regeneration locations whilst supporting small and medium house builders, that are crucial to building a diverse and resilient housing sector.”
“Helping to deliver high-quality, energy efficient homes”
With the government striving for over 1m new homes by the end of parliament, Homes England have been working hard to fund new homes and regeneration. Writing for PBC Today earlier this month, Edward Jezeph discussed how the public body is using MMC and changing the culture around housing developments.
Darren Hutchinson, head of UK real estate transactions at Barings, said: “The Kirkstall Road scheme represents exactly the kind of high-quality, well-located residential investment we seek on behalf of our partners.
“With the support of Homes England, GMPF, and WYCA, and through our joint venture with Glenbrook, we are delivering a best-in-class residential scheme that will provide much-needed new homes while creating long-term value for our investors.
Darran Ward, head of alternatives at West Yorkshire Pension Fund, said: “We are proud to support this significant investment in Leeds, helping to deliver high-quality, energy-efficient homes that are much needed in our region.
“By working alongside our Northern LGPS partner Greater Manchester Pension Fund, and Homes England, we are demonstrating how collaboration between institutional investors and government can drive local economic growth, create jobs, and provide long-term, sustainable housing solutions.
“This project reflects our commitment to investing in our home market whilst ensuring returns for our members.”
