Dandara Group’s projects to deliver 2,000 new private rental sector homes in England has been named PRS Deal of the Year at one of the UK’s most significant industry events – Property Week’s RESI conference and awards.
With an estimated value of c£400million, Dandara Group’s projects will deliver vital new homes in prime city centre locations in Manchester, Leeds and Birmingham.
PRS Deal of the Year
It attracted financial backing from the Homes and Communities Agency’s Home Building Fund, amounting to £45million, while HSBC provided loan capital of £183.1million. The HCA made the successful nomination to the RESI awards panel.
Providing residents with a wide range of on-site services, the three developments will be managed by the company’s dedicated lettings and management subsidiary, Dandara Living, using established teams based at each site.
Dan Tynan, founder and chairman of the Dandara Group, said:
With construction of these three major city developments now moving forward, this award is superb recognition of the collaboration and planning which goes into delivering projects of this scale and complexity.
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 in prime city centre locations where high quality new homes are in short supply.
There is increasing recognition of PRS’s emergence as a distinct asset class and the important contribution it can make to meeting the challenge of delivering the volume and high standard of homes for a new generation of workers who want to live and work in the UK’s major cities.
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.
The projects also include significant contracts for Galliford Try, Interserve, Sir Robert McAlpine and their subcontractor supply chains, creating and preserving jobs in key locations across England.
Dandara has already built more than 2,500 PRS homes in the last ten years in the UK, including one of Scotland’s largest PRS schemes of almost 300 properties in Aberdeen, acquired by LaSalle Investment Management on behalf of a large pension fund.
Dandara Group’s professional services advisers on the projects were lawyers Addleshaw Goddard, Knight Frank and Greyfriars Strategic Financial Advisers.
The RESI Awards, organised by Property Week, is now in its sixth year and celebrates the residential property market and its successes of the past year. The awards ceremony is an extension of the RESI conference, held annually in London.