Get Living and Watkin Jones have agreed a c.£71m forward funding deal to deliver a new Build to Rent scheme in Leatherhead. Get Living was advised by Bryan Cave Leighton Paisner LLP, and Watkin Jones was advised by Addleshaw Goddard LLP. The development will be the first operational Build to Rent scheme in the area. Located on Randalls Way, the brownfield site is currently vacant and was previously home to a food research centre.
The scheme will deliver 214 new Build to Rent homes – a mix of one, two and three-bed apartments, and includes 36 discount market rent homes. There will also be 3,000 sq ft of resident amenity space and extensive landscaped gardens. The development will offer residents quality and well-managed rental homes with the green space of the River Mole Nature Reserve and Leatherhead Park on its doorstep.
“To help solve the housing crisis in a sustainable manner, it’s important for the development sector to find solutions on brownfield land. With Watkin Jones, we have an ongoing partnership with one of the UK’s most professional and enterprising developers.
“Get Living continues to set the standard for exemplar Build to Rent neighbourhoods up and down the country and it is our responsibility now, with Watkin Jones, to create a compelling new rental offer in a brilliant new neighbourhood for Leatherhead.”
Rick de Blaby, CEO, Get Living
The Home Quality Mark ‘Very Good’ development is well positioned for sustainable transport. Located seconds from Leatherhead railway station, residents will benefit from access to Central London in under an hour, as well as access the open spaces of Box Hill in five minutes.
This is Watkin Jones and Get Living’s second deal since April. The first was a £136m forward funding agreement to deliver Sherlock Street in Birmingham, which will see 551 new Build to Rent homes. This is also Get Living’s ninth neighbourhood and second suburban Built to Rent site, which marks their growing presence across the UK. Get Living currently has a portfolio of 4,000 operational homes and over 6,500 in the pipeline.
“Sealing our second forward funding agreement with Get Living in quick succession underlines the success of the partnership we are building. We’re looking forward to working closely with the team at Get Living over the coming years to deliver amazing places.
“This scheme is another example of our teams’ remarkable track record of breaking new ground and introducing Build to Rent into new locations. Leatherhead has all the fundamentals of a great place for future residents, and we’re certain they will enjoy a fantastic life there.”
Alex Pease, Chief Investment Officer, Watkin Jones
