New PRS developer to provide retail and accommodation units at seven UK sites

by: Rebekah Commane
  • 12/04/2016
  • 0
New PRS developer to provide retail and accommodation units at seven UK sites
A new private rented sector (PRS) developer has launched with plans to add 3,500 homes to rent in the UK market.

Inhabit, formerly known as residential securities, has acquired sites in Liverpool, Manchester, Leeds, Glasgow, Aberdeen, Birmingham and Bristol, with planning permission granted – or due to be granted – on most of the sites.

The PRS developer bought the £130m Heaps Rice Mill development from developer Elliot Group earlier this year, with the latter having already secured planning permission for 800 homes and 12,000 sq ft of leisure and retail units at the site.

Inhabit is independently owned and capitalised and plans to develop the properties into rentals, retail units, student accommodation, hotels and homes for sale over the next two to three years and subsequently own and operate the assets.

The development plans in the pipeline are valued at more than £1bn and the company said it is also actively looking at new opportunities to expand the portfolio.

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