UK: Citra Living, the BTR arm of Lloyds Banking Group, has acquired the British Waterways building in Nottingham city centre.
The Grade II-listed building will be converted to include 95 new rental apartments. The homes are being developed in partnership with H20 Urban, a long-term joint venture between developer bloc and the Canal & River Trust, which owns and manages the surrounding canal network.
The apartments will include a mix of studio, one- and two-bed homes plus communal space. Car parking spaces will be provided in the basement of the development, while secure internal cycle parking will also be included. The refurbishment includes a rooftop extension that will provide eight apartments with views over the city.
Local contractor Jessops Construction have been appointed by H2O to carry out the construction works which are expected to complete in early 2025.
Andy Hutchinson, managing director of Citra Living, said: “This unique heritage development is a major addition to our growing portfolio of homes, providing high-quality homes in an iconic and now fully revitalised building. As well as preserving this important building for years to come, the apartments will also help address a lack of purpose-built accommodation in Nottingham, as well as helping to look after the canal network. We’re working in partnership with a wide range of leading developers and housebuilders to address the increased demand for rental properties across the UK, and we look forward to any future opportunities our relationship with H20 Urban brings.”
Richard Thomas, CEO of H2O and director of bloc, said: “We are delighted to finalise our first deal with Citra Living and look forward to future projects with their support. The British Waterways building is just one example of our ability to deliver impactful developments that create vibrant, sustainable properties from underperforming real estate. Our alliances with Canal & River Trust and Network Rail allow for financial reinvestment in local communities through urban renewal, while ensuring environmental improvement.”
The Canal & River Trust also has a JV with Muse called Waterside Places. It recently sold a second north London site to Grainger.
