Inhabit promises 3,500 PRS pipeline
The new owner of the £130m Heap’s Rice Mill development in Liverpool is using the project as the centerpiece of a private rented sector brand, targeting schemes in seven UK cities, including Manchester.
Inhabit, formerly known as Residential Securities, bought the listed Heap’s complex from developer Elliot Group earlier this year. Elliot secured planning permission in October 2014 for 800 homes and 12,000 sq ft of leisure and retail units at the site, arranged around a public space called Baltic Square.
Inhabit has now launched as a private rented sector provider, and said that it has also acquired sites in Manchester, Leeds, Glasgow, Aberdeen, Birmingham and Bristol, totaling 25 acres and with planning permission granted or due to be granted on most of the sites.
Inhabit declined to name the location of the Manchester site.
Inhabit said that the plots would deliver around 3,500 PRS homes, alongside retail, student accommodation, hotels and accommodation for sale.
It plans to develop the properties over the next two to three years and subsequently own and operate the assets. Beyond delivering the existing developments, the company said it is actively looking at new opportunities to expand the portfolio.
Inhabit is independently owned and capitalised, and according to Companies House is led by Brandon Hollihan and Michael Kovacs, also directors of Mercer Real Estate.