UK builder Harworth Group is looking for a partner for the development of Project Spur, a single family Built to Rent (BTR) portfolio of around 1,200 homes across 10 of its development sites.
Harworth has hired Allsop to market this forward funding and long-term investment opportunity across Yorkshire, the Midlands and the North West.
Harworth announced plans to develop a single family BTR product in September 2021, as part of its strategy to grow its business to £1 bn of net disposal value over five to seven years. This new product will support the company’s ambition to double its residential plot sales to around 2,000 plots per annum over its strategic plan period.
The project has an anticipated delivery timeline of three years, with phased handovers of the sites during this time. There will be the potential, subject to further agreement, for the partner to work with Harworth to introduce the single family BTR product to additional sites as part of future phases of development.
Lynda Shillaw, Chief Executive of Harworth, commented: ‘Harworth’s extensive portfolio is particularly well suited to delivering institutional quality single family rental homes at scale. Project Spur is part of our strategy to accelerate the development of our residential sites, providing a range of homes for local people and enabling diverse communities. We look forward to working with partners aligned to our purpose and ambitions, to continue delivering places where people want to live and work.’
James Crow, head of Mixed Tenure at Harworth, added: ‘Project Spur is a rare opportunity to partner with one of the UK’s leading land and property regeneration specialists. Located in suburban communities across Yorkshire, the Midlands and the North West, these units provide a diverse and defensible portfolio of properties that benefit from close proximity and strong transport links to nearby employment and amenity centres.’