Long Harbour, the real estate investment manager and leader in operational real estate, has agreed to forward fund the delivery of 175 single family rental homes (SFH) in Derby and Desborough. Located in the East Midlands, these investments mark the first acquisitions in the region on behalf of the Long Harbour Single Family Housing Fund (LHSFF).

Long Harbour is partnering with Bellway to deliver the 175 single family rental homes, 94 at Snelsmoor Village in Derby and 81 at Weavers Fields in Desborough, for LHSFF, further strengthening a relationship with the FTSE 250 housebuilder that has been built over the past decade. Bellway brings a strong track record of delivering high-quality homes efficiently and at scale, aligning closely with the fund’s ambitions.

The homes at Snelsmoor Village, Derby are part of a wider master plan which will include a total of 795 homes, a 60-acre country park, woodlands and a playing field. A nursery and primary school have already been delivered. The site is well-located three miles from Derby city centre, less than five miles from East Midlands Airport and 12 miles from Nottingham city centre. Derby has significant appeal for single family renters, benefitting from strong educational facilities, high employment and regional connectivity. Derby is a globally significant hub for advanced manufacturing and engineering, with large Rolls Royce, Toyota and Alstom campuses located within commutable distance from the site.

Weavers Fields is walking distance from Desborough town centre, a traditional Northamptonshire market town, with a farmers’ market taking place every week. The nearby town of Market Harborough provides direct trains to London St Pancras in under an hour, creating a strong appeal for daily commuters. Weavers Fields will meet considerable demand for high-quality, affordable housing in the area, with easy access to Kettering and the villages of Rushton and Braybrooke, offering a variety of town and country amenities and leisure facilities.

To date the fund has committed to circa £200 million of acquisitions, which will deliver almost 500 homes, with a further £500 million of identified opportunities. The fund is targeting a total investment amount of £1.2 billion including debt, having recently secured further capital from the National Housing Bank of £100m.  

LHSFF is taking advantage of robust demographic trends,high population and employment density as well as excellent regional connectivity via major road and rail networks across the UK regions, with a focus on the South and South East. In the East Midlands rental growth has outperformed the UK average but the average annual rent relative to income is the second lowest region across England and Wales.

Jack Spearman, Managing Director of Single Family Housing at Long Harbour, said: “Our latest acquisition of two new sites underlines the momentum behind our single family strategy and our strong relationships with housebuilders. The East Midlands region is an area with high economic growth prospects and a strong demand for rental housing. These high quality homes delivered by Bellway offer a superior product to existing housing stock in the area, which combined with our Way of Life management offer makes a compelling offer to local renters.”

Paul Smits, Managing Director for Bellway Northern Home Counties, said: “The acquisition by Long Harbour in Desborough will enable more people to experience the benefits of living in a new energy-efficient home.

“Bellway is known for building high-quality homes and has secured HBF 5-Star Builder status for 10 consecutive years. We have also invested in new low-carbon technologies to benefit our customers and the environment. This commitment to quality and innovation has been recognised by Long Harbour and aligns with its own priorities.”

Paul Coleman, Managing Director of Bellway East Midlands, said: “Bellway is already providing private homes for sale across the Snelsmoor Village area, in addition to affordable homes for rental or shared ownership. These private rental homes will provide more choice to people living in this part of Derbyshire.”

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