Details have been given of Lloyds Bank’s latest dive into the Build To Rent market.
Its BTR arm, Citra, has acquired 49 homes for rent in Gedling, Nottingham, within a 1,000-home scheme by national housebuilder Keepmoat.
The Park View development, currently under construction, will create a new neighbourhood consisting of a range of two, three and four-bedroom family homes.
Citra, a rental housing owner and operator which is part of Lloyds Banking Group, has agreed to acquire 49 homes with the first 16 already handed over and ready to rent, and the remaining to complete in phases by October.
The majority of the rental homes are two- and three-bedroom, and in line with Citra’s drive to provide energy efficient rental properties, over 85 per cent have an EPC rating of B.
The partnership between Citra and Keepmoat was announced earlier this year, with the aim of increasing the supply of high-quality rental housing across the UK by building Citra’s portfolio of purpose-built rental properties. The partnership has already seen Citra invest in 68 homes at Keepmoat’s Coney Green site in Clay Cross, located near Chesterfield.
Andy Hutchinson, managing director of Citra Living, says: “It’s great to see our partnership with Keepmoat building momentum, delivering good quality, sustainable housing for young families and workers that grows our footprint in a new area.
“Our focus is on delivering rental options where they’re needed most, and with new job opportunities popping up in Nottingham and across the East Midlands, it is the perfect location for young people and families to put down roots.”
And Tristin Willis, regional managing director at Keepmoat East Midlands, adds: “Providing high quality, sustainable homes at accessible prices is a core Keepmoat value. We are always on the lookout for new partners that can enable us to continue meeting this objective, and the acquisition of the homes at our Park View development by Citra will help more people in Nottingham’s community to access a new home within close proximity to the city centre.”
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Now we know why prs landlords are being pushed out
Not true. There is not enough being built to push PRS landlords anywhere.
Not just landlords, Peter. Lloyds are making life very difficult for smaller agents too.
What is being built are being purchased by big institutions ie Lloyds, Tescos, John Lewis etc
The JL rentals will be furnished by them primarily for the 20-30s market who don't yet have a home/ furniture/ family. The buildings will have a gym, laundry facilities and leisure areas so they can mingle with all Ike minded souls in the same complex.
This isn't to help young families who can't afford to buy or singles/divorced who want to rent an individual property with their own furniture.
This is an exercise in JL running many aspects of their life and they certainly won't be cheap. Only for the upwardly mobile SNKs who don't want a home, just a modern communal living arrangements with others who think similarly.
Which isn't necessarily a BAD thing, for those that want it, but not everyone does... And I agree that it is JL having influence over as much of their lives as they can. There is a book series, I think its the Contributor trilogy or something. It's available online and is a dystopian fiction about how at the end of the world as we know it, several large corporations build massive habitation domes to house people, and those people (and their descendants) are then expected to be loyal to the company for the rest of their lives... It's quite scary!
Looking at the management structure that's a lot of overheads.
Banks should stay in their lane.
There is a distinct conflict of interest between mortgage providers who are also in the bidding for properties. Small BTL investors in the same geographic area could find their mortgages rejected as they are competing with Lloyds.
This is ethically wrong.
The FCA should be clamping down on Financial institutions moving into other industries. This isn't what their articles of association allow nor is it what investors in the financial sector want. They have REITs for that. Mixing REIT with Finance is likely to present stock market Investors with a different risk exposure to what they expect.
Of course neither the FCA nor the Bank of England are likely to do anything because this is all planned to kick private landlords out.
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