The development will use the PIPES network. Credit: Gresham House

Leumi to fund Spinners Yard BTR

Gresham House has agreed a £22m loan with the lender, allowing its development arm Rise Homes and contractor Clegg Construction to deliver the 185-home build-to-rent project.

Spinners Yard, in the Mabgate area, will include one-, two- and three-bedroom flats, with gym, lounge area and rooftop garden.

The development is billed as the first in the city to have a private landlord supplying hot water and heating to each flat using the Leeds City Council low carbon heat network known as PIPES.

The site will be delivered by Rise Homes, a Gresham House-backed BTR development business, and is also being supported by grant funding from West Yorkshire Combined Authority via its Brownfield Housing Fund – WYCA last week announced the next tranche of projects to be supported.

This is the second loan that asset management group Gresham House has agreed with Leumi, after previously agreeing a facility to support the 229-unit Ironworks BTR development in Sheffield, which reached practical completion in August 2023.

Gresham House currently has a portfolio of around 1,000 mid-market BTR homes in regional cities and is continuing to expand its operations.

Joe Thomas, investment director at Gresham House, said: “This development will make a real impact, providing much-needed affordable and well-fitted rental accommodation in Leeds, so we are delighted to have agreed this loan with Leumi UK to support the Spinners Yard project. It is also fantastic to have support from West Yorkshire Combined Authority for the project.

“As interest in build-to-rent housing from institutional investors continues to grow, we look forward to supporting further exciting projects and playing our part in addressing the challenges facing renters up and down the country.”

Gez O’Sullivan, relationship director at Leumi UK, said: “We are pleased to build on our previous experience working with Gresham House with this loan, which will support a truly impactful project in Leeds.

“Gresham House’s expertise and experience in the build-to-rent space makes it a natural partner for Leumi, and we look forward to seeing the completion of this much-needed development.”

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