Harworth hunts investor for 1,200-home BtR portfolio
Experts predict that £7bn could be invested in suburban build-to-rent over the next five years and the developer is hoping for a piece of the action.
Harworth is seeking an investor to forward fund the construction of 1,200 two- and three-bedroom single-family across 10 sites over the next three years.
North West sites in the portfolio include Moss Nook in St Helens and Stopes Road in Little Lever, Bolton. The other eight sites are spread across Yorkshire and the Midlands.
Dubbed Project Spur, the portfolio is being marketed by Allsop and represents “a unique forward funding and long-term investment opportunity for a prospective partner”, according to Harworth.
Harworth announced plans to develop a single-family build-to-rent product in September 2021, as part of its strategy to grow its business to £1bn of EPRA NDV over five to seven years.
Lynda Shillaw, chief executive of Harworth, said: “Harworth’s extensive portfolio is particularly well suited to delivering institutional quality single-family rental homes at scale.
“Project Spur is part of our strategy to accelerate the development of our residential sites, providing a range of homes for local people and enabling diverse communities.”
James Crow, head of mixed tenure at Harworth, added: “Project Spur is a rare opportunity to partner with one of the UK’s leading land and property regeneration specialists.
“Located in suburban communities across Yorkshire, the Midlands and the North West, these units provide a diverse and defensible portfolio of properties that benefit from close proximity and strong transport links to nearby employment and amenity centres.”
The suburban build-to-rent sector is growing. Last year, Goldman Sachs and Pitmore agreed to forward fund Gatehouse Bank’s near-1,000-home portfolio to the tune of £150m.
Known as Project Thistle, the portfolio spans 15 sites across the North West in Greater Manchester and Liverpool.