Gatehouse UK Private Rented Fund I, which is advised by Gatehouse Bank and in which the bank is a co-investor, has agreed to forward fund a £10.2m Build to Rent scheme in the West Midlands, which is set to create 66 new family homes.

The investment will fund the construction of the scheme in Walsall, which will consist of 23 two-bed, 39 three-bed and 4 four-bed houses, which is being built by Vistry Partnerships. Colliers International acted as Property Advisors, and Dentons as Legal Advisors on the transaction.

Gatehouse said the scheme will form part of the second Build to Rent Fund advised by the Bank which since its establishment in December 2015, has spent around £90m on the construction of 684 single family houses across the UK.

Work on the Raleigh Street site in the Birchills area of Walsall began in September last year and is expected to be concluded by the summer of 2022.

Gatehouse chief commercial officer, Paul Stockwell, commented: “Gatehouse has a proven track record of delivering much-needed homes around the UK by successfully investing in and managing Build to Rent schemes. This is another example of our intention to fund developments in the single-family housing sector, providing attractive, affordable and professionally managed homes.

“The Raleigh Street site has remained dormant for eight years so this is a fantastic regeneration opportunity that will provide a significant number of family homes.

“It’s been a great first deal with Vistry Partnerships and we look forward to developing our relationship with them.”

Vistry Partnerships divisional managing director, James Warrington, added: “This is a large mixed tenure development opportunity for us in Walsall with great links to major nearby cities. It represents a significant contribution to the new-build local housing market in the area and we’re delighted to be able to work with Gatehouse on it.”

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