Lloyds Bank buys homes from house builder to let to tenants

Lloyds Banking Group, which announced back in 2020 that it was to become involved in the private rental sector, is buying 63 homes from national housebuilder Keepmoat.

The properties are at Keepmoat’s Waterside scheme in Leicester, and will; be operated by Citra Living -set up by Lloyds primarily to handle its Build To Rent operation. 

The properties include eight apartments and 55 houses, from one to four- bedrooms, designed to suit a range of residents from growing families to commuters and empty-nesters who want to be close to Leicester city centre. Seven properties have already been handed over to Citra, with a further 56 due to be completed by August 2024. 

A partnership between Citra and Keepmoat was announced earlier this year with - in the words of Lloyds - “the aim of increasing the supply of high-quality rental housing across the UK by building Citra’s portfolio of purpose-built rental properties.” 

This latest acquisition follows the partnership’s exchange of almost 50 homes at Gedling, Nottingham in August.

Andy Hutchinson, managing director of Citra Living, says: “The unused brownfield site at Leicester’s waterside has so much potential and, thanks to the ongoing investment from the Council and others, it is set to become a vibrant new neighbourhood that will benefit the community for generations to come. That’s what made it the perfect fit for Citra, as we continue to offer rental options where people want to live long-term, close to employment hubs and amenities.

“Like many other UK cities, Leicester has a striking shortage of homes available for rent, so, we’re pleased to be able to support Keepmoat in replacing unused land with high-quality, sustainable homes.”

And Keepmoat’s regional managing director Tristin Willis adds: “Partnering with Citra to progress the development of the disused brownfield land at Waterside is a huge success for the area and is also paramount to Keepmoat’s commitment to creating sustainable communities. We’re extremely proud of our partnership model that allows us to work across local authorities, partners and housing associations to deliver much needed sustainable, new homes.”