02 Feb 2023

£108m forward funding deal agreed with Realstar to deliver 488 BTR homes in Leeds

We have signed a forward funding deal with Canadian real estate investment company Realstar, which owns residential rental brand UNCLE, to deliver a significant residential-led regeneration scheme in Leeds comprising 488 build-to-rent homes, the second Leeds development from the partnership.

This project, known as Latitude Blue, was acquired in partnership with Bridges Fund Management (Bridges), and is the second Leeds development from the partnership. 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 exciting area of the city, delivering 951 homes across both sites.

This is HUB’s 11th forward funding deal and our fourth with Bridges and Realstar, following two north London BTR developments – Wembley Link Phase 2, Phase 2, which is currently under construction, and Wembley Link Phase 1 (UNCLE Wembley), which opened in May 2020. In total, the partnership between HUB, Bridges and Realstar has now completed £370m of forward funding deals, with 1446 homes either completed or under construction.

Designed by local architects Carey Jones Chapman Tolcher (CJCT), the 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 located in a growing mixed-use neighbourhood on Whitehall Road and will contribute to a wider development drive that is pulling the city’s centre to the west.

In line with HUB, Bridges, and Realstar’s focus on delivering high quality homes in well-connected locations, the site is ideally located less than ten minutes’ walk from Leeds railway station, providing easy access to both regional and national routes. Its neighbours include the city’s largest new office development, Wellington Place, which is attracting major employers such as HMRC, Arup and Savills.

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.

Read more in Property Week, React, EG, BTR News, PropertyEU, Housing Today, The Business Desk, BENews and IPE Real Assets