Dandara wins funding for three major PRS schemes

Aaron Morby 1 year ago
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Developer Dandara Group has received £45m in Government funding to unlock sites for 2,000 private rental homes in Birmingham, Leeds and Manchester.

Sir Robert McAlpine is set to build the new homes in Manchester in four blocks at Chapel Wharf near the Lowry Hotel in Salford

The Isle of Man developer is spearheading the project to deliver £400m of housing development with support from the Homes and Communities Agency and banking giant HSBC.

It can now build the trio of projects with Sir Robert McAlpine building 995 rental homes in Manchester, Interserve expected to build 744 homes in Leeds and Galliford Try on board to deliver 323 flats in Birmingham.

Funding will come from the government’s Home Building Fund, which makes cash available to help kick-start house building.

It is estimated that up to 1,500 construction jobs could be created across the three cities.

Housing minister Gavin Barwell said: “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.”.

Dandara Leeds

744 private rental home scheme in Holbeck Urban Village, Leeds

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Galliford Try will build 322-homes project near the Crowne Plaza Hotel on Holliday Street in Birmingham

HCA chairman Sir Edward Lister said: “We’re working on a number of other deals, with builders of all sizes, and we’re also using our investment and land to attract new entrants to the industry.”

Dan Tynan, founder and chairman of the Dandara Group, added: “Dandara has already built more than 2,500 properties of this type in the last ten 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.”

HSBC’s head of housing in the UK Hugh Taylor said: “We are really pleased to be supporting Dandara alongside the HCA with development finance on this multi-site roll out of ‎their PRS programme. It is a significant contribution to the ‘housing challenge’ and is further evidence of PRS beginning to emerge as a distinct asset class.”

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