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News » UK » Dandara gets backing for £400m PRS regional roll out » published 2 Dec 2016

Dandara gets backing for £400m PRS regional roll out

Developer Dandara Group has secured funding from the Homes & Communities Agency and HSBC bank to support its £400m programme to build flats to rent.

Dandara's Manchester PRS development Above: Dandara's Manchester PRS development

Dandara is building more than 2,000 new private rental sector (PRS) homes in city centre locations in Manchester, Leeds and Birmingham.

Contractors Sir Robert McAlpine, Interserve and Galliford Try start work on their respective sites in January 2017 and construction is expected to be complete by December 2019 – all permissions and contracts are already in place.

Dandara has secured £45m from the government’s new Home Building Fund, set up to help kick-start new development and house-building.

It is estimated that up to 1,500 new construction jobs could be created across the three cities from the deal, which will provide 2,062 rental homes. These will include:

  • 995 homes in Chapel Wharf, Manchester
  • 744 homes in Leeds
  • 323 homes in Birmingham.

Following completion, Dandara Living will manage the letting and management of each development.

The Birmingham apartments that Galliford Try is building under a £40m contract will be across two new 17- and 22-storey blocks on the Arena Central site in the city centre. The development is part of a wider regeneration of the area and will sit next to the Alpha Tower, by Holliday Street.

Housing minister Gavin Barwell said: “Alongside home ownership, we’re determined to create a bigger, better private rental market to offer greater choice for tenants in a country that works for everyone. This is one of the largest private rental sector deals in the UK and will not only create thousands of homes for people in Birmingham, Leeds and Manchester – it will create jobs and opportunities for many hundreds of people.”

Dan Tynan, founder and chairman of the Dandara Group, said: “Dandara has already built more than 2,500 properties of this type in the last 10 years in the UK, including Scotland’s largest PRS scheme of almost 300 properties in Aberdeen, acquired by LaSalle Investment Management on behalf of a large pension fund. We are now in a position to actively work with institutions, and independently, to make a sizeable contribution to this market.

“PRS is already providing accommodation for a new generation of workers in London, and with these new developments we will deliver much-needed, purpose built and professionally managed ‘build-to-rent’ property in the regions.”

 

 

MPU

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This article was published on 2 Dec 2016 (last updated on 7 Dec 2016).

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