Hub to forward fund 488-home build to rent scheme in Leeds

Developer Hub has signed a deal to forward fund construction of a 488-home build-to-rent project in Leeds from Canadian property firm Realstar. 

Hub has teamed up with investor Bridges Fund Management to put £108m into the scheme, which will be developed under Realstar’s UK build-to-rent brand Uncle.

The scheme is located in a mixed-use neighbourhood in Whitehall Road in Leeds and has been designed by Leeds architect Carey Jones Chapman Tolcher. 

Damien Sharkey, managing director at Hub, said: “Work has already started on site, and we look forward to delivering a scheme that will continue the transformation of this exciting area of Leeds, providing attainable homes for local people, as well as fantastic new public realm.”

The ‘Uncle Phase 2’ scheme is the fourth deal between Hub, Bridges and the Canadian firm Realstar, and the second in Leeds. 

The first deal was for ‘Uncle Leeds Phase 1’, which is on the adjacent site, last year. The first and second ‘Uncle’ schemes in Leeds will deliver 951 homes in total.

Simon Ringer, partner and head of property funds at Bridges Fund Management, said: “Uncle Leeds Phase 2 will perfectly complement our existing scheme in Leeds, addressing the clear local demand for quality lower-cost housing and creating attractive public realm that will benefit the whole community.”

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Hub, a developer focusing on built-to-rent (BTR) that has completed or started development on 5,500 homes across the UK, has signed 11 forward funding deals since it was established in 2012.  

As well as the Leeds deal, it has also signed two for north London BTR developments with Bridges and Realstar. These are Wembley Link, which is already under construction, and Uncle Wembley, which opened in May 2020.

In total, the partnership between Hub, Bridges and Realstar has completed £370m of forward funding deals, with 1,446 homes either completed or under construction.