UK: Housebuilder The Hill Group has agreed its first BTR forward funding deal, with Lloyds Living.
The deal is for 264 rental apartments in Stevenage, Hertfordshire. It forms one phase of a masterplan comprising 576 apartments, led by Hill in Stevenage town centre.
The one and two-bedroom apartments are split across three buildings, and have exclusive access to an on-site concierge, gym, coworking spaces and parking facilities. The project is being forward-funded by Lloyds Living, the rental and shared ownership home provider arm of Lloyds Banking Group, which will also oversee the management and leasing of their properties upon completion. The buildings are scheduled for delivery in 2026.
Hill is exploring BTR opportunities with potential investors and partners on forward funding, forward commit and joint venture bases. This will build upon Hill’s existing BTR pipeline which includes large scale projects in Coventry and Wembley.
Andy Hill OBE, founder and group chief executive of The Hill Group, said: “We are pleased to confirm the completion of our first Build to Rent deal demonstrating our commitment to this expanding market. Combining our experience in delivering thriving places to live with the strong track record that Lloyds Living has as a funder and operator in the rental sector, we are delighted to move ahead with this exciting development in Stevenage. These high-quality apartments are in a prime location with excellent amenities for residents, making the development an attractive option for the growing number of professionals seeking rental homes in the area.”
Andy Hutchinson, CEO of Lloyds Living, added: “Build to Rent is a growing sector and an important part of meeting the country’s housing needs. By investing in schemes like this with Hill, we are increasing the supply of quality homes for rent in areas where they are needed with the facilities people want.”
