UK: Get Living and Watkin Jones have agreed a £71 million forward funding deal for a 214-unit BTR scheme in Leatherhead.
The development will be the first operational BTR scheme in the area, and will be delivered on a brownfield site on Randalls Way.
The units will be a mix of one-, two- and three-bedroom apartments, with 36 discount market rent homes. There will also be 3,000 square feet of resident amenity space and extensive landscaped gardens.
Rick de Blaby, CEO of Get Living, said: “To help solve the housing crisis in a sustainable manner, it’s important for the development sector to find solutions on brownfield land. With Watkin Jones, we have an ongoing partnership with one of the UK’s most professional and enterprising developers. Get Living continues to set the standard for exemplar Build to Rent neighbourhoods up and down the country and it is our responsibility now, with Watkin Jones, to create a compelling new rental offer in a brilliant new neighbourhood for Leatherhead.”
The project is Watkin Jones and Get Living’s second deal – the first was a £136 million forward funding agreement to deliver the 551-unit Sherlock Street BTR scheme in Birmingham.
The Leatherhead scheme is Get Living’s ninth neighbourhood and second suburban BTR project. It has a portfolio of 4,000 operational homes and more than 6,500 in the pipeline.
Alex Pease, chief investment officer at Watkin Jones, said: “Sealing our second forward funding agreement with Get Living in quick succession underlines the success of the partnership we are building. We’re looking forward to working closely with the team at Get Living over the coming years to deliver amazing places. This scheme is another example of our teams’ remarkable track record of breaking new ground and introducing Build to Rent into new locations. Leatherhead has all the fundamentals of a great place for future residents, and we’re certain they will enjoy a fantastic life there.”
