Housing Growth Partnership, a social impact investor and part of Lloyds Banking Group, will hold a 75% stake in a joint venture development, with Watkin Jones taking the remaining 25%. Reports Contract Journal
Under this agreement, Watkin Jones will handle the three-year construction and manage the property through Fresh, their accommodation management business.
The project, which will rise to 12 storeys, will be built on land formerly occupied by Jewson builders’ merchants at Grove Crescent Road.
Alex Pease, chief executive officer of Watkin Jones, said: “We are pleased to collaborate for the first time with Housing Growth Partnership on this exciting development. The innovative nature of the transaction underlines Watkin Jones’ ability to find attractive structuring solutions for our institutional partners.
“While we remain encouraged by signs that confidence is returning to our residential for rent funding markets, this is tempered by continued uncertainty around the trajectory of interest rate cuts.
“We, nevertheless, have a number of schemes in the market which are generating good levels of interest.”