Work has started on yet another Build To Rent scheme - this time a £13m project in Nottingham.
The project, on a six storey period canalside building, is a joint venture between bloc Group, CRT and Citra Living, part of Lloyds Banking Group, to create 95 residential units including 12 studios 42 one-bed flats and 41 two-bedroom flats.
A spokesperson for H2O says: “Working with our project partners, we’re revitalising an area of Nottingham with a brand new and modern offering, while maintaining and protecting enough of its character that we don’t lose its rich history.”
Ground floor amenity space for residents will also be included and the scheme is due for completion in March 2025.
Andy Hutchinson, chief executive of Citra Living, says: “Bringing disused buildings back in to use and regenerating areas into new communities is central to what Citra is about. Regenerating the warehouse will bring much needed homes to the area, allowing more people to live in the type of quality homes they want in the areas that give them access to the facilities and amenities they want.”
Citra Living is the Build To Rent offshoot of Lloyds Banking Group: it owns and operates a portfolio of more than 2,000 homes across the UK.
Just a month ago it acquired 156 new properties from the country’s largest housebuilder Barratt as part of a strategic partnership between the two.
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So bringing disused buildings is central to what they are about, (highly commendable) yet they are in a partnership to buy new builds from Barratts.
Their are obviously big overheads here, ie managing directors salaries bank charges etc which must mean very high rents. Obviously small landlords must be forced out of business first.
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