Funding for £10.2m build-to-rent scheme for Walsall
A 66-home development of homes for rent is being built on a former bakery site.
Gatehouse UK Private Rented Fund I, which is advised by Gatehouse Bank and in which the bank is a co-investor, has agreed to forward fund the £10.2 million build-to-rent scheme in Walsall.
The investment will fund the construction of the scheme at Raleigh Street in the Birchills area.
It will consist of 23 two-bed, 39 three-bed and four four-bed houses, which is being built by Vistry Partnerships.
This scheme will form part of the second Build to Rent Fund advised by Gatehouse Bank which, since its establishment in December 2015, has spent around £90m on the construction of 684 single family houses across the UK.
Following the completion of Raleigh Street, the fund will comprise of a 750 unit single family housing private rented sector portfolio. The portfolio is being professionally managed through a build-to-rent platform, Ascend Properties.
Work on the Raleigh Street site began in September last year and is expected to be finished by the summer of 2022. The land was previously occupied by the Harvestime Bakery, which at its peak was one of the biggest employers in the area but has stood vacant for years after the business stopped operating in 2012.
The mainly residential area is within walking distance to the centre of Walsall. It is just a 10- minute walk from the Crown Wharf retail park and a 15-minute walk from Walsall train station with direct connections to Birmingham New Street.
Paul Stockwell, chief commercial officer at Gatehouse Bank, said: “Gatehouse has a proven track record of delivering much-needed homes around the UK by successfully investing in and managing Build to Rent schemes. This is another example of our intention to fund developments in the single-family housing sector, providing attractive, affordable and professionally managed homes.
“The Raleigh Street site has remained dormant for eight years so this is a fantastic regeneration opportunity that will provide a significant number of family homes.”