Peel L&P sets up suburban BTR company

Letta is a partnership between Peel and Liverpool-based property agency Redwing that aims to deliver 1,000 houses for rent over the next five years. 

Peel’s housebuilding arm Northstone will construct and own the properties and Redwing, which is part of the Regenda group, will let and manage them. 

Letta has identified an initial 100 two- to four-bedroom homes to bring forward for market rent across three Northstone sites: Glisk in Ellesmere Port and Silkash and Airie, both in Bolton. 

By setting up Letta, Peel L&P hopes to meet the pent-up demand for families wanting to rent in suburban locations, according to Phil Wilson, chief executive of Northstone, part of Peel L&P. 

“The build-to-rent market has grown enormously, predominantly with successful city centre apartment schemes,” he said. 

“However, following the pandemic and with the general pent-up demand from families also wanting to rent, we now see the opportunity to offer high quality and well-managed rental accommodation in our suburban neighbourhoods that suit their lifestyle changes and more agile working patterns.” 

The first Letta homes will be available from November 2022. Letta is derived from the Old English term ‘Leta’ meaning ‘put to rent’, which follows Northstone’s naming strategy for its developments. 

Wilson added: “Our new partnership with Redwing offers a better choice of housing managed by a trusted landlord and the reassurance of a homebuilder that’s heavily invested in creating sustainable communities and we’ll look to scale up the number of properties over the next five years.”  

“Redwing and Peel L&P have worked together on a number of exciting projects, including Plaza 1821 in Princes Dock in Liverpool,” said Michelle Brooks, director of operations at Redwing. 

“This new partnership will provide more high-quality, energy-efficient homes across the North West and we’re proud to partner with Peel L&P on this exciting new business.”