Following heavy investment in the Private Rented Sector (PRS) in London in recent years, we are beginning to see this trend extend to the Regions – although not necessarily exclusive to major cities. Our regional spread means that we have local knowledge and occasionally are aware of “off-market” opportunities.
We are seeing an increasing shortage in supply of suitable stock throughout the UK. Development, including new build and conversion, therefore, is emerging strongly. Inherently complex, an experienced professional team is crucial. We bring strategic value to schemes from the very earliest stages of terms negotiation.
As experts, we appreciate all the nuances of PRS, including:
- the need to be CML compliant to safeguard the investment if the model breaks down;
- the criticality of NHBC cover;
- the intricacies of ground rent retention and interaction with overage provisions;
- the importance of apartment mix and protection in "subject to planning" deals; and
- the changing nature of SDLT on PRS transactions and options in terms of a commercial designation and share trading.
Our PRS clients include:
- Countrywide plc
- Derwentside Homes Limited
- Grainger plc
- Homes & Communities Agency
- LSL Property Services plc
- Moorfield Group
- Pegasus Life
- Persimmon plc
- Places for People
- Riverside Group
- St Modwen Properties plc
- The Gladman Group
- The Peel Group
Recent PRS experience includes:
- Acting for the Apache/Moda £1bn regional PRS platform in relation to:
- their 458 unit Angel Gardens Scheme in Manchester;
- their 365 unit Pitt Street Scheme in Glasgow, converting the former Strathclyde police headquarters; and
- their 304 unit 34 storey tower scheme forming part of Peel's regeneration of Liverpool Waters.
- Acting for St Modwen Residential Living Limited (St Modwen’s PRS vehicle) in connection with the acquisition from St Modwen’s housebuilding arm of two schemes, the first comprising apartments as part of a mixed use development at Central Square, Wembley and the second being their Edison Place scheme in Rugby.
- Acting for Moorfield in connection with the acquisition and redevelopment of former HMRC buildings straddling Queen’s Dock, Liverpool to form 240 PRS apartments. The scheme has now been rebranded as “The Keel” and has been widely praised as being one of the best prime PRS schemes brought to market in recent years.
- Acting for Moorfield in the acquisition of a light industrial site in inner Manchester for demolition and the construction of a £36m 232 apartment development. Moorfield partnered the same developer as on Queen’s Dock Liverpool, Glenbrook, bringing the scheme to market in early 2018.
- Currently acting for Moorfield in the acquisition of a cleared site overlooking Newcastle train station and Newcastle University’s Life Science Centre for the construction of 280 PRS apartments.
- Acting on the acquisition of circa £37m GDV brownfield site at Whitehall Road/Globe Road, Leeds for a PRS development of up to 700 residential units (up to 33 storeys high) adjoining a disused viaduct, rail infrastructure and Leeds Canal South Bank.
- Acting on the £42m acquisition of 357 new-build PRS units from Bovis Homes for Places for People (then project managing phased drawdowns).
- Acting on the acquisition of two-parcel brownfield sites for a PRS development in central Birmingham involving three separate streams of clawback/overage (in favour of a major Birmingham landowner) and ground rents.
- Acting on the £10m refinancing of PRS (with rent to buy options in the ASTs) for Derwentside Homes' PRS arm, Prince Bishops Homes Limited.
- Acting for Fairview New Homes on a development at Gayton Road, Harrow which as an integral part, included the delivery to London Borough of Harrow of 52 PRS units (demonstrating the changing perception of the asset class within the public sector).