December 1, 2016 Regina Copado

HCA and HSBC back Dandara to deliver UK’s biggest PRS projects

Dandara, the award-winning national developer, is creating up to 1,500 new construction jobs for the UK economy as it builds more than 2,000 new Private Rental Sector (PRS) homes in prime city centre locations across Manchester, Leeds and Birmingham.

Supported by the Homes and Communities Agency and HSBC, the projects are believed to be the single largest PRS development investment in the UK, with an estimated value of almost £400million.

City centre locations

PRS is a vital component in meeting the Government’s commitment to creating durable, high quality new homes for future generations in major city centre locations.

These homes will significantly increase the attractiveness of three of the UK’s major growth centres outside of London by providing modern, affordable places to live at prime city centre addresses.

Funded by the HCA’s Home Building Fund, HSBC and the Dandara Group, the projects also include significant contracts for Galliford Try, Interserve, Sir Robert McAlpine and their subcontractor supply chains, who have all worked with Dandara during the project planning phase.

With a start date of January 2017, construction is expected to be complete by December 2019, and all permissions and contracts are already in place.

On-site management

Following completion, Dandara Living will manage the letting and ongoing management of each development using established in-house teams, based within purpose-built facilities at each site.

CGI of Chapel Wharf PRS project in Manchester

CGI of Chapel Wharf, Manchester

Dan Tynan, founder and chairman of the Dandara Group, said:

The Private Rental Sector can help deliver the volume and high standard of homes needed by those who want to live and work in the UK’s major cities.

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.

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.

We would like to thank all of our advisers, notably lawyers Addleshaw Goddard, property advisers Knight Frank, Greyfriars Strategic Financial Advisers and our project team members, internal and external.

 

CGI of Leodis Square PRS project in Leeds

CGI of Leodis Square, Leeds

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.