£155m funding deal agreed for The Landing BTR scheme

HUB and Smedvig agree a £155m funding deal with Get Living for The Landing, a major development in Maidenhead town centre.

The Landing Build to Rent scheme in Maidenhead - HUB | Smedvig | Get Living | BTR News
The Landing Build to Rent scheme in Maidenhead.

HUB and Smedvig have agreed a £155m deal with Build to Rent operator Get Living to forward fund the first phase of The Landing – a scheme which will revitalise central Maidenhead. Knight Frank advised HUB on the deal, and Savills acted on behalf of Get Living.

JJ Rhatigan has been appointed as main contractor for the new scheme and construction will start on site immediately. The Landing is expected to complete in Q4 2024.

“The Landing is an outstanding and highly refined Build to Rent scheme. It’s fantastic to see another substantial forward-funding deal agreed, as investors seek to enter and grow their presence in the UK’s quickly maturing Build to Rent market. Demand is being driven by the sector’s strong operational performance, with £2.35bn of capital being invested in the first half of this year alone according to Knight Frank’s recent data.”

Nick Pleydell-Bouverie, Head of Residential Capital Markets, Knight Frank

This deal is developer HUB’s ninth forward funding agreement and its largest to date. It is also HUB’s first deal with Get Living and the first time Get Living has backed a development outside of the UK’s major cities.

“We are delighted to have supported Get Living in their latest acquisition, which represents yet more evidence of the significant liquidity in this ever-growing sector. Research carried out by Savills identifies Maidenhead as an attractive location for build-to-rent investment because the town is underpinned by strong population and economic growth with high levels of employment in sectors that are forecast to grow significantly over the next decade.”

Andrew Brentnall, Head of UK Residential Investment & Development, Savills Operational Capital Markets

The Landing deal will deliver 429 Build to Rent homes and 23,000 sq ft of ground floor retail in Maidenhead town centre. The development – on the 3.5-acre site – will also include car parking and extensive new public realm.

“This is a landmark deal for HUB, being both our ninth forward funding deal and our largest to date. The scheme we will now deliver is particularly important for Maidenhead, being on a pivotal site for the town and based on designs developed through extremely close consultation with the local community, as well as strong collaboration and support from the Royal Borough of Windsor & Maidenhead.

“Working alongside Get Living strengthens the development even further, by bringing one of the most experienced and exciting Build to Rent operators in the UK to Maidenhead. We are very excited to now start construction on this fantastic new place that will bring beautifully-designed, well-connected homes, employment opportunities and community facilities to the town centre.”

Damien Sharkey, Managing Director, HUB

Designed by award-winning architect – Studio Egret West – The Landing mixed-use development will also deliver 104,000 sq ft of office space and another 15,000 sq ft of ground floor retail and leisure space in two further phases. A new Garden Square including soft landscaping, trees and seating areas will create a green destination in the heart of the town.

“This is a momentous deal for Get Living, being our seventh neighbourhood of large scale, but this time in a regional town rather than London or one of the UK’s large cities. In HUB, we have one of the UK’s most professional, innovative and enterprising developers whose vision for The Landing can now be realised. It is our responsibility, as long-term owners and custodians, to ensure we provide a place for people not just to call home and put down roots, but to create the stage for community to build and thrive, just as HUB’s team and the Council have envisioned.”

Rick de Blaby, CEO, Get Living

A key part of Maidenhead’s wider regeneration, The Landing site is also adjacent to Maidenhead station where Elizabeth Line trains will arrive in 2022, and will provide a much-needed link between the refurbished station and the town centre. 

Following an extensive public engagement programme involving 1,500 members of the local community, HUB and Smedvig received planning consent from the Royal Borough of Windsor and Maidenhead in 2018.

“We have worked closely with developer HUB to bring forward The Landing, the next exciting piece in our regeneration ambitions for Maidenhead town centre, providing new homes, jobs and facilities that will enhance the vibrancy of the town centre, help to support further major investment in the Royal Borough and greatly benefit the whole community. With the very welcome news that the major capital investment is now in place for phase one of the scheme, I look forward to seeing this much-anticipated and much-needed redevelopment rising above the hoardings.”

Councillor David Coppinger, Cabinet Member for Planning, Environmental Services and Maidenhead