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12/12/2024
The Hill Group Secures First Build-to-Rent Deal With Lloyds Living
The Hill Group has signed its first Build-to-Rent (BTR) forward funding agreement with Lloyds Living, marking a significant step in its expansion into the growing BTR market. This partnership will deliver 264 rental apartments in Stevenage, Hertfordshire, as part of a larger masterplan for 576 apartments led by Hill in the town centre.
The development will feature one- and two-bedroom apartments across three buildings, offering residents exclusive amenities, including an on-site concierge, gym, co-working spaces, and parking facilities. Lloyds Living, the rental and shared ownership arm of Lloyds Banking Group, will provide forward funding for the project and manage leasing and operations upon completion. The buildings are expected to be delivered by 2026.
This deal underscores Hill’s trusted reputation in the housing sector as it makes inroads into the BTR market. The company is actively exploring BTR opportunities with investors and partners through forward funding, forward commit, and joint venture arrangements. Hill already boasts a robust BTR pipeline, with major projects underway in Coventry and Wembley.
Andy Hill OBE, founder and Group Chief Executive of The Hill Group, commented: "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, said: "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."
The development will feature one- and two-bedroom apartments across three buildings, offering residents exclusive amenities, including an on-site concierge, gym, co-working spaces, and parking facilities. Lloyds Living, the rental and shared ownership arm of Lloyds Banking Group, will provide forward funding for the project and manage leasing and operations upon completion. The buildings are expected to be delivered by 2026.
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This deal underscores Hill’s trusted reputation in the housing sector as it makes inroads into the BTR market. The company is actively exploring BTR opportunities with investors and partners through forward funding, forward commit, and joint venture arrangements. Hill already boasts a robust BTR pipeline, with major projects underway in Coventry and Wembley.
Andy Hill OBE, founder and Group Chief Executive of The Hill Group, commented: "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, said: "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."
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