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The Development Bank of Wales and Housing Growth Partnership (“HGP”), the Lloyds-backed equity investor in the UK Living sector, have joined to invest more than £14 million into Edwards Homes’ delivery of a residential development in Connah’s Quay, North Wales.

The Development Bank of Wales’ £11.7 million loan for the project came via the Wales Stalled Sites Fund –its largest ever single property investment – with HGP also committing a further £2.7 million in equity.

Edwards Homes is a prominent regional housebuilder based in North Wales, providing versatile homes that have proven popular with first time buyers, professional couples, families and downsizers. It has delivered more than 350 homes over the last five years.

Located on the western edge of the town, the new development will comprise of 141 two-, three- and four-bed homes for sale, including 49 affordable homes that will be sold to North Wales Housing Association.

The development will continue to support Edwards Homes’ mission of providing high quality homes at affordable prices in the local area.  A financial contribution will also be made towards local primary school spaces and recreation spaces in the Connah’s Quay community. 

The investment builds on HGP’s record 2023, which saw it commit c. £110 million of equity across 30 schemes in the living sectors to support the delivery c. £815 million of GDV. HGP’s equity commitments brought the total number of homes that have been, or will be, delivered across the UK to over 10,000, outperforming HGP’s target to reach this milestone by 2025.

The £11.7 million from the Development Bank of Wales is one of the largest single investments made by the bank, which in 2023/24 invested more than £125 million into 430 businesses across Wales. The Wales Stalled Sites Fund provides traditional development loan funding for residential development projects with investment from £150,000 to £6 million available.

John McKeon, Investment Director, at HGP, commented: “This transaction continues our strong investment levels in 2024, reflecting the important role that HGP equity funding can play in bringing forward new schemes and the regeneration of communities across the UK.  We look forward to seeing Edwards Homes bring forward the delivery of much needed private and affordable housing in the region and also partnering with them on further schemes in their pipeline.”

Neil Edwards, Managing Director at Edwards Homes, added: “Edwards Homes Ltd is pleased to be partnering with Housing Growth Partnership for the first time.  We are also delighted to be collaborating with Development Bank of Wales again whom we have worked with on previous projects in the past and who continue to support Edwards Homes on this 141 unit development in Connah’s Quay. This is a fantastic opportunity for us to continue to expand and grow throughout North Wales and the North West of England.

“We believe that we are one the first developers that Housing Growth Partnership have collaborated with in Wales and we look forward to bringing this scheme forward together.

“With further schemes in the pipeline we are looking to grow our partnership with Housing Growth Partnership and Development Bank of Wales further in the future by providing much needed homes and affordable housing.”

Claire Sedgwick, Deputy Fund Manager at the Development Bank of Wales, said: “We are very pleased to support Edwards Homes and Housing Growth Partnership with this development, which will help provide much-needed residential homes in Flintshire.

“Our property funds are here to support independent developers in making a big impact in Wales, and can work with them at any stage of development. In the last five years, we’ve invested £212m in the property development sector in Wales, helping to build new homes and commercial premises across Wales.

“It made perfect sense for us to join the Housing Growth Partnership in supporting development on this important project, with investment led by our team based in north Wales and we look forward to its successful completion.”

• The 310 new energy efficient homes will be built across three developments, with 66 properties being affordable housing
• The multi-million funding was secured from Bank of Scotland and Housing Growth Partnership (HGP)

Glasgow-based, family-run private housebuilder Briar Homes is looking to develop an initial pipeline of 310 new highly efficient homes (including 66 affordable properties) after securing an initial £7.3 million funding package from Bank of Scotland and Housing Growth Partnership (‘HGP’).

A longstanding client of Bank of Scotland and a key client of Housing Growth Partnership under its Regional Growth Initiative, the developer has secured an initial £5 million Revolving Credit Facility from Bank of Scotland alongside an additional £2.3 million of equity from HGP.

The funds will initially be used to accelerate commencement of three sites in Howwood, Wishaw & Garthamlock, with further sites already identified at Barrhead, Gladsmuir and Kennoway. The equity provided is part of a wider £14m equity commitment between Briar Homes under HGP’s Regional Growth Initiative.

Construction has already started on 10 four-bedroom family homes in Howwood with a further 22 private homes suitable for first time buyers at Tillycairn, Garthamlock also underway. A further 27 private homes, again suitable for first time buyers, and 45 affordable homes will also shortly commence in Newmains, Wishaw.

At Barrhead, the developer is looking to build 39 homes designed for families, while Gladsmuir, near Haddington, will comprise a mix of 27 private and seven affordable homes aimed at families and retirement downsizers. Kennoway is a substantially larger site in Fife where the developer is looking to deliver 140 crucially needed homes to undersupplied first time buyers and families.

Paul Kelly, Managing Director at Briar Homes, said: “Addressing the Scottish housing market’s supply and affordability challenges remains a key priority for Briar Homes, but we can’t do it alone. The overwhelming support of Bank of Scotland and the Housing Growth Partnership working together provides us with exactly the financing springboard needed to accelerate a range of much needed new homes across the country catered towards families and those taking their first steps on the housing ladder.

“The facilities aren’t just financially supportive – they also provide certainty and a clear vision to our business as we look to continue to work with our local authority partners through the planning process, doing all that we can to increase the pace of the delivery of new high-quality homes.”

Graeme Steel, Director at Bank of Scotland Real Estate & Housing, said: “At Bank of Scotland, we aspire to contribute to a society in which all households have access to affordable, safe, and sustainable homes in places they want to live.

“The housing market issues are well documented and we are committed to supporting developers delivering more quality housing across Scotland of all tenures.”

Colin Bennett, Investment Director at Housing Growth Partnership, said: “Briar Homes are a trusted long-term partner of HGP and we are delighted to continue to support the business growth plans through our Regional Growth Initiative, which enables HGP to support both Briar’s current sites and those coming through its planning pipeline.”

Briar Homes is a subsidiary of AS Homes (Scotland) Limited, a family-run, Glasgow-based housebuilder with more than 20 years’ experience delivering substantial number of affordable housing provision to the Housing Association market (more than 400 homes in the last two years alone). Briar Homes works in conjunction with Housing Growth Partnership – an investor backed by Lloyds Banking Group and Homes England – to help address housing affordability by increasing the number of new homes built in the UK by SME builders.

Gordon More, former Chief Investment Officer and interim CEO of Homes England, has been appointed as a Senior Strategy Advisor at Housing Growth Partnership (“HGP”), the equity investor which is backed by Lloyds Bank and Homes England. Gordon joins HGP’s unique, 20-strong panel of highly experienced industry experts. Gordon will be available to advise HGP and its partners on strategy and support HGP’s expansion across the Living sectors.

Gordon brings over 30 years’ of experience in the banking and real estate finance space, having held senior roles at Lloyds Bank, HBOS and Bank of Scotland.

Gordon joined Homes England in May 2014 on secondment as Chief Investment Officer, a role that became permanent in 2017, where he oversaw £45 billion of investment activity. In 2021 he was appointed interim CEO to oversee the recruitment of a permanent appointment, whilst also leading the delivery of the £8 billion Affordable Housing Programme 2021/2026. He sat on the Homes England Board in 2021, and was a member of the Investment Committee between 2017 and 2021.

Gordon currently holds a number of Board and Committee roles spanning the residential and housing sectors, including non-executive director at Hyde Housing, Sigma Capital and Kingswood Homes and Senior Advisor at JLL.

Vic Hepburn, CEO at HGP, commented: “Gordon’s previous roles and continued executive support to businesses in the sector means he is ideally placed to work with HGP as we look to increase our equity investment into the Living sectors whilst delivering great outcomes for local communities. He understands both the market need and the challenges that stand in the way.”

Gordon More, Senior Strategy Advisor at HGP, added: “Enabling SME housebuilders to expand and accelerate their pipeline underpins the HGP model and is vital if we are to create a more robust and resilient housing market. The current environment for delivering new homes remains highly challenging, whether it’s regulatory, planning, financing, labour or raw material pressures, which is where HGP’s unique Senior Advisor panel can make a real difference.”

Housing Growth Partnership (“HGP”), the Lloyds-backed equity investor in the UK Living sector, has invested £17.7 million of equity across seven housing schemes in the Midlands since the start of 2023.

HGP’s investment, alongside a diverse mix of established, local housebuilders, will enable the accelerated delivery of 557 much-needed for-sale and for-rent apartments and houses across the undersupplied Midlands region. The schemes, which are scheduled to complete between Q3 2024 and Q4 2025, comprise:

• A sustainability-led retrofitting of the former St. Mary’s Hospital in Melton Mowbray, Leicestershire, to deliver 41 houses and four apartments, alongside Snowdown Homes
• 37 and 166 apartments respectively in Birmingham city centre, with Rainier Developments and 10M
• In Leicester city centre, 171 Build-to-Rent apartments, alongside Monk Estates
• 21 homes in Sutton, Bedfordshire, representing a second transaction with Cora Homes. The scheme will be partly delivered using Modern Methods of Construction, reducing carbon emissions and accelerating construction
• 47 new homes in Tansley Gardens, alongside Stancliffe Homes
• Land purchase for c70 new homes in Derbyshire, in partnership with Cora Homes

The Midlands is a key region for HGP, where it has been partnering with SME housebuilders since 2016. To date is has provided c. £37 million of equity funding across 20 schemes in both the East and West Midlands, of which over £26 million has been invested over the last two years. HGP’s equity funding is addressing an acute housing shortage in the Midlands, exacerbated by rising house prices and a shortage of good quality, sustainable homes.

Mike Murphy, Investment Director for the Midlands at HGP, said: “Against a restrictive debt financing backdrop, the requirement from regional UK developers for funding solutions that enable them to grow their businesses and accelerate housing delivery has never been more acute. We have significant ambitions in the Midlands to continue expanding into different tenures. At the same time, these investments are aligned with our commitment to funding schemes which are delivering demonstrable environmental and social value.”

Housing Growth Partnership (“HGP”) has committed £13m to a joint venture with McGoff Group (“McGoff”) to deliver the new Downtown Victoria North build-to-rent scheme in Manchester.

The development is situated on a former gasworks on Rochdale Road and represents a key element of the wider Victoria North regeneration programme. Construction work has now started and is scheduled to complete in late 2025.

The development of one, two and three-bedroom apartments and townhouses is situated a 10-minute walk from the centre of Manchester and will provide tenants with a high-quality living experience.

The completed site will feature extensive landscaping, including a communal garden courtyard with seating areas, pocket square and private gardens. It will also offer a reception with spacious seating area and business centre, a 24/7 concierge service, a residents’ lounge, fully equipped gym, underground car parking and bicycle storage.

McGoff Group will undertake all aspects of the delivery of the scheme with McGoff Construction acting as main contractor and McGoff’s sister company, Downtown Asset Management, operating the completed development. This project represents McGoff’s second Manchester city centre development following completion of its 374-unit ‘Downtown’ development on the banks of the river Irwell in Salford in 2020.

John McKeon, Investment Director for HGP, commented: “Our investment with McGoff highlights the role that equity funding plays in getting housing projects off the ground across the UK during a high interest rate environment. Downtown Victoria North promises to be an excellent scheme that will provide tenants with a high-quality place to live within walking distance from the city centre.  McGoff have a great track record in the delivery and operation of schemes of this nature across the North West and we look forward to partnering with them on this and other developments.”

Chris McGoff, director at the McGoff Group, adds: “We’re thrilled to have established a joint venture with Housing Growth Partnership, working with them to deliver Downtown Victoria North.  The development is located in a superb part of Manchester city centre.  Furthermore, the design and mix of properties within the scheme are excellent.  We are confident this BTR scheme will prove popular with the discerning Manchester rental market.”

The Equity JV aims to develop a secured pipeline of regeneration sites across cities including Glasgow, Newcastle and Nottingham over the next 3-5 years. BCorp developer igloo Regeneration will be responsible for delivering schemes, with construction of initial phase of first 400-home community in Glasgow underway.

Housing Growth Partnership and PfP Capital, the social value and ESG-focused real estate fund manager, have announced a joint venture (“JV”) which will deliver residential-led, urban communities across the UK.

Targeting the construction of up to 1,200 highly sustainable homes, with a Gross Development Value of c. £390 million, the JV is being launched to tackle declining new home delivery, ageing stock and ongoing under investment in the UK regions.

Housing Growth Partnership and PfP Capital will both provide equity and the JV will develop individually designed urban communities, centred around high quality homes, across an initial 10 sites located in major UK regional cities, over the next 3-5 years.

igloo Regeneration, the BCorp developer acquired by PfP Capital in January, will be responsible for developing the schemes, masterplanned by PfP igloo, a long-term partnership between PfP Capital and igloo Regeneration in collaboration with local authority counterparties. The JV will leverage igloo Regeneration’s proprietary Footprint methodology, an internationally recognised comprehensive and holistic model for reviewing the environmental impact of design and investment decisions.

The first scheme to be brought forward is the initial phase of a 400-home development at Dundashill, in Glasgow. The development, a mix of two- three- and four-bedroom homes for sale, will be highly sustainable across the design, construction and operational stages, being of panellised modular construction with materials sourced from the local area. 80% of the low energy properties will target an EPC A rating, with additional features including photovoltaic roof panels, as well as air source heat pumps and EV enabled parking. A cycle path, linking the site to Glasgow city centre will encourage healthy living habits and improve accessibility.

Rachel Miller, investment director at Housing Growth Partnership, stated: “In PfP Capital and igloo, we have a partner that shares both our social impact and sustainability values, and our desire to accelerate the much needed delivery of quality homes across the UK. The JV reflects HGP’s ambition to support the UK’s diverse housing need through strategic partnerships with experienced developers and will see significant capital deployed into the transformation of urban brownfield sites in regional cities.”

John Tatham, finance director, at PfP Capital, commented: “This partnership will accelerate the development of over 1,200 highly sustainable homes across the UK, at a time when the pace of new home delivery is rapidly declining. Residential regeneration, and above all, community-led regeneration is key to revitalising parts of the UK that have suffered from underinvestment.  Through bringing together a highly established equity investor, fund manager and award-winning developer, and leveraging long established local authority relationships, the JV will deliver tangible social value alongside competitive and stable long term investment returns from day one.”

Peter Connolly, CEO at igloo, added: “Dundashill is an excellent example of the low carbon, sustainable homes that should be a blueprint for the UK’s future housing delivery.  Connected to local ecology, cycle and walkways and nearby amenities, the JV will bring forward these schemes in partnership with existing communities using the igloo footprint ® methodology to ensure that they enrich people’s lives and the planet.”

If you are housebuilder looking for growth and to accelerate your business through funding get in touch with HGP today.

Social impact investor Housing Growth Partnership (HGP) and Midlands-based developer Cora are proud to announce their most recent partnership to help bring about the delivery of houses to benefit local people and communities.

HGP, which is backed by Lloyds Bank and Homes England, has awarded an investment of £1.9m to the developer to help bring high quality new homes to the village of Stoke Golding. Stoke Golding is a charming and historic village located in the heart of Leicestershire and is known for its friendly community. The village is surrounded by beautiful countryside, providing ample opportunities for outdoor activities such as hiking, cycling and boat rides along the tranquil Ashby-de-la-Zouch canal. It is also home to the historic St Margaret’s Church, which dates back to the 12th century and is a must-see for history buffs. It’s also known for the Battle of Bosworth Field, which took place nearby in 1485 and played a crucial role in the War of the Roses.

The scheme in Stoke Golding, to be named “Stoche Acre” is HGP’s first investment alongside Cora and is set to deliver a mix of 2 to 5 bedroom home styles, which will benefit from allocated garages and parking, as well as electric vehicle charging points. The development is conveniently located for travel to larger surrounding towns and cities and the perfect balance of serenity and accessibility makes the homes an ideal location for first-time buyers, singles, couples, retirees as well as families. More information can be found on the Cora website, with the homes available for sale towards the end of 2023.

Cora, are a well-established local developer with a strong track record and excellent reputation delivering homes in the Midlands, with a mission to create amazing places, by building and enhancing green, safe and sustainable neighbourhoods with infrastructure for the long term.

Mike Murphy, Midlands & Wales Investment Director of HGP commented “We are delighted to be working alongside Cora to deliver 65 units in an attractive location in Leicestershire. The management team are looking to grow their business further and the investment of HGP allows Cora to stretch their equity, efficiently deploying its capital in order to accelerate other schemes within their pipeline. We look forward to working with Cora to support them with their exciting growth ambitions moving forwards”.

Luke Simmons, Managing Director at Cora, said “We are delighted to be working alongside HGP who share our vision for creating communities that put people and the environment first. Their support will allow us to deliver more excellent quality, energy efficient and low maintenance homes here in the Midlands, building communities that promote health, happiness and wellbeing. Creating amazing places like Stoche Acre is what drives us as a business, and we look forward to showcasing another thriving, climate-resilient community here in Leicestershire.”

If you are housebuilder looking for growth and to accelerate your business through funding get in touch with HGP today. For further information about the new homes for sale visit https://cora.uk/development/stoche-acre/#location

• 208 homes to be built on the edge of the Old Oak Common regeneration area, including 58 affordable homes
• HGP have committed £14m equity, with £73m debt from Cheyne Capital Real Estate
• Construction work has commenced onsite

Today, 16^th February 2023, City & Docklands Property Group and Housing Growth Partnership (HGP) have announced an equity partnership to develop 208 homes, including 58 affordable homes, in a scheme ranging from 7 to 24 storeys.

North Kensington Gate is a gateway regeneration site within the OPDC regeneration area. It will be a 5 minute walk from the new Old Oak Common transport super-hub, the link between the Elizabeth Line and HS2 which is set to be the largest and best-connected station in the UK. The development will deliver some of the first homes within this west London regeneration area, contributing to the OPDC’s overall target of delivering 25,500 homes in the next 20 years.

Housing Growth Partnership is investing £14m equity in the deal, with lender Cheyne Capital Real Estate committing £73m of development debt.

The scheme has been designed to deliver 208 one, two and three bedroom homes, together with residents amenities that will include an onsite resident and business lounge, sky terrace and landscaped gardens. Residents will also have access to the Mary Seacole bar and casual dining, artist studios and a beautiful outside seating area leading to the landscaped Mary Seacole Gardens & Grand Union Canal at the adjacent City & Docklands development, Mitre Yard.

This represents HGP’s first investment with City & Docklands, and is the largest investment made since the expansion of the HGP III Fund this year. This deal is funded by HGP’s parent company Lloyds Banking Group to accelerate equity investment into larger urban schemes and a wider range of residential sectors.

Rachel Miller, Investment Director at HGP commented: “We are delighted to be supporting our new and highly experienced partner City & Docklands to develop these homes which will catalyse this key brownfield regeneration site in London. The transaction represents HGP’s ambition in scaling up our investments to tackle housing challenges, and our remit to support the growth of our development partners.”

Anna Bulach at Cheyne Capital Real Estate commented: “We are delighted to be the lender of choice yet again to City & Docklands and their new joint venture partner Housing Growth Partnership, and to continue supporting their efforts in driving forward the delivery of high quality homes across London. The development occupies an important position at the Eastern gateway to one of the largest regeneration projects in the UK. We look forward to seeing North Kensington Gate lead the way for similar developments in the area in the coming years.”

Gary Sacks, Chairman and CEO at City & Docklands adds:  “We are very happy to be partnering with HGP on such a key regeneration site, within one of Europe’s most high-profile and exciting regeneration projects. We are also pleased to be developing the site with debt funding from our longstanding development debt-providers, Cheyne Capital Real Estate. This development follows the delivery of 701 homes at One West Point in North Acton, and will contribute to the overall delivery of more than 1150 homes in west London by City & Docklands, in the next two years.”

The Housing Growth Partnership (‘HGP’) and Oakwood Group Limited (‘Oakwood’) are pleased to announce the creation of a joint venture to develop 49 new homes in Northwich, Cheshire. The project will be the first collaboration between HGP and Oakwood and will see the delivery of 35 open market semi detached and detached family homes and 14 affordable units bringing much needed housing to the area.

To date Oakwood have funded their own developments but recognising their ambitions to grow they have partnered with HGP on this site to free up equity in the business to deploy into other sites in their pipeline.  Northwich will constitute the largest Oakwood site to date having previously completed smaller developments in St Helens, Halsall, Atherton and Ormskirk. United Trust Bank will provide a £7.7m debt facility as part of the funding package.

The 1.2 hectare brownfield site has been undeveloped land since the late 1800s and was an overgrown wasteland and eyesore in the local area prior to development commencing.  The project will create an attractive development with a pleasant street aimed at a broad range of potential purchasers including first time buyers to young families.

John McKeon of HGP commented ‘We are very pleased to be working with Jonathon and the team at Oakwood.  They are an ambitious company with a strong track record in the delivery of a high quality product and their ambitions to grow the business align well with the HGP ethos and funding model.  The Northwich site is a great starting point for the relationship, and we look forward to bringing forward more sites with Oakwood in the future.’

Jonathon Ball, MD of Oakwood commented, we are very pleased to have completed this deal with Housing Growth Partnership.  We have been self-funding our projects for several years, but with our plans to expand into taking on multiple larger projects it become clear that investment was required to grow sustainably.  In HGP we have found a great funding partner that understands our vision and goals, and rather than just being interested in return on investment they are supportive in our ambitions and long-term aspirations for our company.

Oakwood Group is based in Aintree, Merseyside, and was established in 2014 by MD Jonathon Ball.  The business was a finalist in the 2020 Housebuilder Awards and the 2021 & 2022 Northern Housing Awards.

Eutopia Homes and Housing Growth Partnership (HGP) have announced the completion of a Joint Venture which will progress two neighbouring Build to Rent schemes, totalling 144 units, in Exeter.

Both schemes form part of the wider masterplan for Exmouth Junction (a 15 acres site on a former railway junction), which will see the delivery of 540 units in the coming years, transforming the area and providing a range of amenities in a landscaped setting.

Eutopia will break ground on the first of the two developments, The Hay, in March 2023.  The Hay will provide residents with a mix of 1, 2 and 3 bedroom apartments and has been designed to the highest environmental standards: features and amenities include a car club, electric vehicle charge points and 100 cycle storage spaces.  Two roof terraces and a residents lounge and collaborative space on the ground floor will create a social, community focussed living experience for residents.

The joint venture will look to sell both schemes post a rental stabilisation period, with strong rental demand expected from young professionals in Exeter which continues to experience a significant undersupply in accommodation in the city centre.

John McKeon, Investment Director for HGP, noted:

“We are delighted to be supporting our first Build to Rent Schemes alongside Eutopia. Scott and the team at Eutopia have a strong track record of delivery in the BTR sector. We look forward to supporting Eutopia across further schemes and supporting more of our partners in the BTR sector. “

Scott Hammond, CEO of Eutopia Homes,

“HGP’s investment into the emerging BTR sector is great news for the industry. The Exeter schemes offer great rental prospects for professionals who face limited opportunities to rent well designed apartments. As part of the developments, we will be offering 20% of the units for key workers at a discounted market rent – the first such offering in the City.”

Notes:

HGP is a social impact equity investment fund backed by Lloyds Banking Group and Homes England with an objective to support SME and mid-market housebuilders and developers deliver new homes.  To date, HGP investments have delivered over 7,500 new homes (with GDV in excess of £2bn) across Build to Rent, PBSA, Open Market, Retirement Living and Regeneration schemes.

Eutopia Homes was formed in 2017 by Scott Hammond. Eutopia was established to focus on city centre BTR projects close to transport hubs in key regional UK cities with first class universities, strong retail and leisure facilities and a strong employment base. The company has secured planning consent for over 1500 units in Birmingham, Exeter and Greater Manchester. It has further pipeline projects in Gloucester and Kent for 500 residential units.

We are delighted to announce the addition of Nicola Barclay to the HGP Senior Advisor Panel.

Most recently Nicola was Chief Executive and main board director of industry body, Homes for Scotland. In that role Nicola represented the industry on the NHBC Scotland Committee and the Scottish Government Building Standards Futures Board, and played a leading role in  supporting its members to deliver high-quality, energy-efficient and sustainable homes.

Nicola is a qualified planner with 30 years’ professional experience in the Scottish housebuilding sector, holding senior positions within several house builders, as well as the Scottish Futures Trust.

HGP Senior Advisors are a group of experienced industry experts funded by HGP who are made available to our partners when HGP invests in a scheme, to provide support and guidance as it is required throughout the life of the project.  To date, our Senior Advisors have provided over 900 days of support to our partners.

Neil has an enviable track record of deal making across all property sectors having held senior land positions in a number of national and regional housebuilders and property companies. With a specialism in strategic and immediate land acquisition; development appraisal; joint ventures; affordable housing; planning promotion and site identification, Neil will bring a wide range of experiences, contacts and skills to the HGP team.

HGP provides equity funding to all aspects of the residential living sector including PBSA, BTR, PRS, retirement, private sale and affordable housing. With a strong focus on deal making and delivery, Neil’s focus will be to work with partners to invest HGP’s equity in joint ventures.

Social impact investor Housing Growth Partnership (HGP) and Midlands-based developer Rippon Homes are proud to announce their most recent partnership to help bring about the delivery of houses to benefit local people and communities.

HGP, which is backed by Lloyds Bank and Homes England, has awarded an investment of £1.6m to the developer to help bring high quality new homes to the village of Woodhall Spa. Woodhall Spa is an attractive village located 13 miles east of Lincoln with good transport links making it a suitable destination for commuters into Lincoln, Sleaford and Newark. The village is noted for its nearby golf club and is recognised as the base for England Golf, being the governing body for amateur golf in England and also boasts The Kinema in the Woods (the only fully functioning cinema in the UK to employ back projection, tucked away in the woodland).

The scheme on Tattershall Road, to be named Woodcock Grange”, is HGP’s first investment alongside Rippon Homes and is set to deliver a mix of one to four bedroom home styles, including bungalows, which will benefit from single or double garages as well as a private garden. The homeswill be suitable for a range of buyers including first-time buyers, singles, couples, retirees as well as families and will be available for sale towards the end of 2022.

Rippon Homes, founded in 1953, has an impressive track record of delivering quality homes in desirable locations. Rippon Homes sees partnering with HGP as a great opportunity to allow the business to scale further and bring new developments to market.

Mike Murphy, HGP investment director, said: “We’re extremely proud and excited to be working with Rippon Homes for the first time to enable the company to grow its already impressive portfolio of developments. “With our eyes firmly fixed on the future, we are now in discussions about the sites that are in the pipeline and we look forward to working with Ian and the team moving forwards”

Ian Dyke, managing director at Rippon Homes, said: “This investment will be pivotal to our growth and we’re excited to be on this journey with a trusted investment partner.”

If you are housebuilder looking for growth and to accelerate your business through funding get in touch with HGP today. For further information about the new homes for sale visit https://www.ripponhomes.co.uk/find-a-new-home/woodcock-grange/.

Housing Growth Partnership have bolstered its Midlands & Wales team with the appointment of James Tudge as the newly recruited Investment Manager. James will be responsible for supporting deal origination, transaction execution and portfolio management in the Midlands and Wales region.

James Tudge’s appointment will support HGP’s recent expansion of their investment ambition through a broadening of parameters and additional funding and marks the latest of number of recent appointments for the Social Impact Investor, which is backed by Lloyds Banking Group and Homes England.

Mike Murphy, Investment Director for HGP in the Midlands & Wales region said “I’m delighted to announce the appointment of James Tudge as Investment Manager for the Midlands & Wales team. With James extensive real estate experience in the region focusing on debt structuring for Private Groups, Social Housing and Housebuilder clients we believe his wide skillset is ideally suited to support the continued growth of the Midlands & Wales region. This is an exciting time for us with a lot of impressive development schemes in the pipeline and we’re looking forward to having James onboard to support the growth of our developer partners.”

James Tudge comments, “My background in banking and finance, having worked across a variety of roles within Lloyds Banking Group for the past 16 years, predominantly specialising in Commercial Real Estate has given me a sound understanding of the Midlands & Wales residential market. This is a very exciting time to be joining HGP following the recent announcement of the fund expansion and I’m really looking forward to working with Mike and the team and to partner with those developers who share our ambition to deliver high quality and affordable homes which provide a positive sustainable addition to local communities.”

If you’re an experienced developer in the Midlands & Wales region, get in touch today.

HGP is pleased to announce an expansion of our investment ambition through a broadening of parameters and additional funding.  The new fund will run in parallel to the new SME fund launched at the end of 2021.

This is being done to allow HGP to play as significant a role as possible in supporting the UK’s diverse and evolving housing needs.  It will take a multi tenure approach whilst significantly extending the scale of what and who they can support.

HGP can now invest up to £30m of equity into any one single project and can commit up to £60m into multi site strategic partnerships with mid market housebuilders and developers.  The extended parameters also create the potential for HGP to support larger opportunities across all the living sectors including  regeneration, later living projects and Build to Rent market.

Last weeks announcement of the £80m joint venture with Kier Group is a great example of extended focus with HGP supporting an established housebuilder deliver on its growth plans across multiple mixed-use regeneration schemes.

Vic Hepburn, Head of Fund and CEO of HGP commented:

‘We are focussed on having a significantly greater impact and increasing the number and type of homes HGP can support.  In less certain times, this is also an opportunity to demonstrate our willingness to support the market through our partnership approach to investment.  Supporting great teams has been key to the fund’s achievements to date and that will continue to be central to our strategy’

Today HGP and Kier Property have announced a joint venture partnership to develop residential sites across the UK. The five-year deal, worth £80m on a 50:50 joint basis, will focus on residential developments on urban brownfield sites, initially across the South East of England.

The joint venture’s objective is to regenerate urban brownfield sites, delivering new homes connected to the needs of local towns and communities. The partnership will acquire sites with or without full planning permission and targets building 2,000 homes for sale and rental by 2027. It also evidences a strategic step-change for both Kier and HGP, with the partnership fulfilling Kier’s ambition to grow in the mixed-use regeneration space, while HGP will broaden its approach through larger transactions and strategic partnerships.

Leigh Thomas, managing director of Kier Property commented: “This partnership sits well with our five-year business plan to expand our offering in the mixed-use regeneration area.  It  will significantly augment our residential regeneration strategy and we have identified a number of sites that we plan to deliver through the partnership, where we can add value through the planning process.”

Rachel Miller, Investment Director at Housing Growth Partnership commented, ‘We are looking forward to working with Kier Property Development in this relationship which will see significant capital deployed to bring forward and develop an additional homes for rent and sale in areas with a shortage of supply. We will focus on urban brownfield sites and Kier share HGP’s ambition to create homes which are positive additions to existing places and communities.’

Vic Hepburn, CEO Housing Growth Partnership commented: ‘The partnership with Kier represents the next step in the expansion of HGP, so we can play as full a role as possible in supporting the UK’s diverse and evolving housing need as part of our commitment to help Britain prosper.

Kier Property is a specialist in investing, developing and managing developments in a range of sectors, building out a number of these through joint ventures.

 

A Birmingham-based developer and publican have saved a historic Digbeth pub from becoming just another memory after revising plans and removing the conversion of it from the initially consented scheme.

The 10M Group in conjunction with social impact investor Housing Growth Partnership (HGP) wanted the Fountain Inn, which neighbours the development of 39 properties, to be retained and its future assured as a historic community pub.

HGP, which is backed by Lloyds Bank and Homes England, is pleased to have invested 1.3m in the build of a brand-new housing scheme and has announced that this development becomes its 100^th investment deal to date.

Situated in Digbeth, the scheme comprises 39 one- and two-bedroom apartments set across two separate buildings, and all based around an attractive communal courtyard and with the pub neighbouring the development.

With a successful track record of building in the West Midlands and the North West, 10M Group’s previous schemes have encompassed a variety of different projects in the residential sector.

Mike Murphy, HGP Investment Director, says: “This development marks a significant milestone for us marking HGP’s 100^th deal and demonstrates that we’re helping developers and  housebuilders to build a range of much-needed properties with unique features. We’re delighted that these apartments will be in one of the most distinctive parts of Birmingham because of its connectivity and nearby amenities and with a historic pub next door, we just know the accommodation will be popular.”

Russell Townsend, MD of 10M Group, says: “As a design-led business we couldn’t have made this exciting scheme become a reality without the investment of HGP and the speed and ease of working together. The pub retention and refurbishment is the icing on the cake, and in addition to using modern methods of construction to make it stand out from other developments, the courtyard will also be a valuable outside space for residents too. We’re looking forward to working together again.”

Steve Price, owner at the Fountain Inn, comments: “I’m delighted that I have such forward-thinking neighbours that are in full support of retaining and preserving historic Birmingham pubs like mine.”

All of the apartments will be ready for occupation in 2023.

 

 

Housing Growth Partnership was named ‘Property Finance Team of the Year’ at the recent 2022 Insider North West Residential Property Awards.
HGP was selected by the panel of judges ahead of shortlisted nominees Close Brothers, Lloyds Bank, Cowgills, Cynergy Bank and Oaknorth. HGP, along with over 800 other property professionals, attended the event at Manchester Central hosted by Matt Baker of the One Show and Blue Peter fame.  The event provided a great opportunity to meet socially with HGP partners and catch up with others from across the industry to celebrate another busy 12 months in the north west residential property sector.

HGP guests on the night included Genesis Homes, Hollins Homes, Mansion House Group, Britannia Group and Hall & Co Property.

John McKeon, HGP Investment Director: “It was great to spend time with our partners in a more social setting and very fitting to share the evening with them given the full role they have played in HGP’s recognition at the event. We look forward to continuing to support their growth and finding new opportunities to fund residential delivery across the region.”

To find out more about the Housing Growth Partnership please send us an email at info@housinggrowth.com

 

 

We are delighted to announce the addition of Mark Chadwick to the HGP Senior Advisor Panel.

Mark has a wealth of experience having operated in the construction and development industry for over 30 years, spanning residential development, main contracting and pure housebuilding.  Mark progressed from being an estimator / quantity surveyor by trade, to Technical Director at Persimmon and then Regional / Managing Director at Jones Homes, Hollinwood Homes and Hollins Homes.  Mark was also a founding Director of Hollins Homes and contributed significantly to the direction and growth of the business.

Ross Baird at HGP said, “It’s great to have someone of Mark’s calibre joining our excellent panel of Senior Advisors who provide such fantastic guidance and support both to us and our partners.  He joins us as we embark on the next stage of our growth journey, targeting delivery of a further 5,000 homes by 2025”.

HGP Senior Advisors are a group of experienced industry experts funded by HGP who are made available to our partners when HGP invests in a scheme, to provide support and guidance as it is required throughout the life of the project.  To date, our Senior Advisors have provided over 650 days of support to our partners.

Find out more about HGP’s Senior Advisors here.

 

As organisations around the world  recognise International Women’s Day today, 8^th March, 2022, social impact investor Housing Growth Partnership (“HGP”) is pleased to have agreed a financial investment with an ambitious female-led property development business based in Edinburgh.

Housing Growth Partnership (HGP) has today announced an investment deal worth £1.5m into the  Whiteburn group. This is a significant investment in the established Scottish developer who are now focusing on design led residential development across Scotland. The  injection, is part of HGP’s newly created £300m property fund for SME developers and will bring much needed new housing to the Kingdom of Fife.

Whiteburn Projects Limited is run by Managing Director Eve McCurrich, currently 50% of the employees are female. Commenting, Ms. McCurrich, who has spent nearly 20 years working in residential development, said: “The investment from HGP has come at a great time and will enable us to progress plans at our Viewforth development in Kirkcaldy, Fife, where construction work is now getting underway.

“The development will be built in the grounds of the former Viewforth High School and will comprise 72 two-, three- and four-bedroom homes as well as 15 affordable properties for local people in need of high quality contemporary accommodation – and importantly a place to call home.”

Ross Baird, Investment Manager of HGP, commented “Eve is an impressive operator, who is very focussed on delivering a high quality product with sustainability and open plan living at its core.  We are delighted to back Eve and the Whiteburn team on this development, and are already exploring further investment opportunities to support their ambitious growth plans”.

On International Women’s Day it is great to be able to acknowledge Eve and the team’s contribution to the sector, and it will hopefully inspire even more to follow in Eve and her colleagues footsteps in the future”.

HGP and Hollins Homes (‘Hollins’) are pleased to announce a partnership under HGP’s recently established Regional Growth Initiative which sees HGP provide a £15m commitment to the housebuilder to support its pipeline delivery.

The RGI is part of HGP’s newly created £300m property fund and the agreement with Hollins sees HGP providing a 4 year equity commitment of £15m to support Hollins deliver residential developments across the North West in addition to helping securing positions on allocated land.

Hollins Homes was established in 2015 as the housebuilding arm of the land promotion company Hollins Strategic Land (established 2007).  Since inception, Hollins has grown into an established, award winning, regional housebuilder operating across the North West.  Hollins pride themselves on delivering highly desirable, well designed and aspirational homes in high quality developments with a focus on enhanced landscape and space.

The company has been recognised for awards in the region including Best NW Residential Developer 2019 and was shortlisted for Small Developer of the Year at the Resi Awards 2021.

Since 2018, HGP has provided Hollins with equity commitments of £6.9m across 5 development schemes, totalling 282 units.  With the implementation of the RGI partnership, Hollins is well placed to meet its target of delivering over 150 units per annum from 2024 onwards

Stephen Goodman, Chief Executive of Hollins Homes, commented  “We are delighted to be extending our relationship with HGP through utilisation of their RGI fund. HGP have long been a trusted partner of Hollins and with this funding package now secured we can proceed with increased confidence in implementing our medium to long term site acquisition and growth plans.”

 

 

 

John McKeon, Investment Director of HGP, commented “HGP has supported Hollins for 4 years and been extremely impressed with the schemes delivered and the quality of the management and operational team. It is with businesses like Hollins in mind, with strong capabilities, an ambition to increase their output and a strong local community focus, that we have developed the Regional Growth Initiative.We look forward to continuing our support of Hollins as they look to deliver on their growth plans over the coming years and we look forward to rolling out the Regional Growth Initiative with further established partners in the region.”

Housing Growth Partnership recently announced that is has now committed to support the delivery of over 5,000 new homes across the UK.  This takes HGP past the halfway point of its ambition to support the delivery of 10,000 new homes across the UK by 2025.

Since HGP’s launch in 2016 the fund has invested over £170m alongside 48 housebuilders on 95 developments with a combined GDV £1.5bn.  Half of these units are already completed and sold to families across the UK.

In 2021 alone, HGP invested £45m alongside 14 different housebuilders on 20 developments to support the delivery of 1,400 new homes across the UK.

In 2022, HGP will continue to support the housing market by providing housebuilders with equity funding to deliver high quality and affordable homes.  HGP recently announced a further £300m commitment which will enable larger residential developments and offer support across all tenures in the living sector.  The new fund will also look to prioritise projects with a greater sustainability focus, as well as those using modern methods of construction to help the sector tackle its sustainability challenges.

Vic Hepburn – CEO and Head of Fund – ‘Sitting behind the numbers is the fact that we are supporting regional housebuilders who really care about the quality of homes they are producing and the communities they create. That’s as pleasing as the numbers and the team will continue to seek out further opportunities to support on the journey to 10,000 homes.’