Shoosmiths advises HGP on £150m joint venture with PLATFORM_ to deliver major BTR development in Leeds
November, 2024 - Milton Keynes, England
Shoosmiths has acted for Housing Growth Partnership (HGP), the Lloyds-backed equity investor, on its latest joint venture with the leading build to rent (BTR) developer and operator, PLATFORM_.
The law firm assisted HGP in forming a £150m venture with PLATFORM_ to deliver a 451-apartment BTR scheme in Leeds. It represents the first phase of PLATFORM_’s transformative 1.3 million sq ft mixed-use development on Sweet Street, in the South Bank regeneration area of Leeds.
Securing consent from Leeds City Council in 2023, the neighbourhood will include 1,351 BTR homes and 150,000 sq ft of commercial space, representing more than £500 million of investment.
Scheduled for completion at the start of 2027, the previously vacant site will become a thriving mixed-use community, featuring a mix of studio, one, two, and three-bedroom apartments, complemented by extensive amenities including a gym, residents’ lounges, co-working spaces, extensive roof terraces and curated green spaces.
The high-quality homes will all be rated EPC B or above and feature renewable energy sources, energy-efficient heating and lighting systems, and smart in-home technologies.
Colin Bennett, investment director at Housing Growth Partnership, said:
“Our partnership with PLATFORM_ will deliver a landmark development in Leeds and contribute to the regeneration of the South Bank, providing new homes, and enhancing the local economy, which has been made possible with Shoosmiths support. The partnership builds on what has been a transformative year for HGP’s Living platform, which has seen us significantly scale our funding into the PBSA and multi-family sectors. We look forward to seeing this vibrant community come to life and the positive social impact it will deliver.”
Shoosmiths advised HGP on the banking, corporate, real estate, planning, tax and construction aspects of the deal. The team was led by real estate partner Sheelagh Cooley, with key support provided by banking partner Fiona Cameron, corporate tax expert Daniel Kennedy, legal directors Christopher King and Christine Burrows, principal associates Leah Cairney and Jennifer Wright, senior associate Sammi Mackie and associate Sylwia Jakuczun.
Sheelagh Cooley, real estate partner at Shoosmiths, added:
“This transaction represents another landmark milestone for HGP during a year of expanded activity in the build to rent and purpose-built student accommodation markets. Shoosmiths supported HGP in its joint venture with Watkin Jones earlier this year, and the team is proud to have assisted again as it advances its strategy in the living sector.
“This development will transform a neglected brownfield site, enhancing housing supply in Leeds with 451 new, energy-efficient homes contributing to the city’s residential landscape.”
