UK: Developer Lovell and BTR developer-operator Placefirst have signed a £22 million deal to bring BTR homes to the fourth phase of Derby’s Castleward development.
The £100 million Castleward scheme is the most significant housing project in the city and is set to deliver around 800 new homes, along with green space and 35,000 square feet of commercial retail space by its total completion.
The site, bought by Placefirst from Compendium Living, comprises houses and three apartment blocks across two parcels of land.
Phase four of Castleward will see the development of 33 single-family houses as well as 79 apartments.
The first handovers are scheduled for Q1 2026. Placefirst said that this strategic partnership will build on its reputation as a partnership facilitator of market choice, with fully serviced BTR homes offered through Placefirst for this phase.
Beth Bundonis, regional managing director at Lovell in the East Midlands, said: “Our vital work to create purposeful communities and bring forward effective housing in the East Midlands continues, with phase four and the forthcoming phase five adding to the vital regeneration of Derby and creating a lasting legacy built around top-quality housing.
“This deal allows us to broaden the scope of what’s being delivered in Castleward and is a first for Lovell in the East Midlands, helping to solidify us as an enabler of housing choice for the fantastic partners we work with. Through those such as Placefirst and Compendium Living – the latter of which has sold homes under the previous three phases – we’re able to make sure that whether they are looking to rent or buy, people can find a new home at Castleward.”
Henry Marshall, investment director at Placefirst, said: “This latest partnership with Lovell marks an exciting milestone for Placefirst as we continue to grow our presence in the East Midlands, a region with huge demand for high-quality, sensitively designed rental homes in well-connected, vibrant locations.
“This forward-funded deal is a great example of how we work flexibly with partners to unlock opportunities and bring long-term, professionally managed homes to market – just one of a number of delivery models we employ. As a developer-operator specialising in the delivery of high-quality, sustainable homes for rent, we know that the modern renter now sees renting as a positive, long-term, hassle-free lifestyle choice. We’re proud to be delivering the kind of homes and neighbourhoods that meet those evolving expectations.”
Highlights:
– Lovell and Placefirst have signed a £22 million deal for BTR homes at Derby’s Castleward scheme.
– Phase four is set to deliver 112 new homes, including 33 houses and 79 apartments.
– Castleward project will bring 800 homes, green space, and commercial units to Derby.
– The first handovers for Placefirst’s BTR homes is scheduled for Q1 2026.
