Manchester based regeneration business Peel L&P launches Letta, a new suburban Build to Rent company which will deliver an initial pipeline of 100 new family homes across three sites. The company has also identified a pipeline of up to 1,000 homes that can be delivered over the next five years. The word Letta is derived from the Old English term ‘Leta’ – meaning ‘put to rent’, which follows Northstone’s naming strategy for its developments.
Letta single-family Build to Rent homes are being developed by Peel L&P’s homebuilder Northstone, who builds beyond the current building regulations for energy performance, with better insulated and triple glazed homes that feature smart household technology to help reduce energy bills.
“The Build to Rent market has grown enormously, predominantly with successful city centre apartment schemes, however, following the pandemic and with the general pent-up demand from families also wanting to rent, we now see the opportunity to offer high quality and well-managed rental accommodation in our suburban neighbourhoods that suit their lifestyle changes and more agile working patterns.”Phil Wilson, Peel L&P’s Executive Director for Land, Communities and Homebuilding and Chief Executive of Northstone
Properties will include a mix of two-to-four-bedroom homes with private gardens, set within communities that are well-connected to green spaces, rich in biodiversity and close to key transport links and sustainable travel routes. Letta homes will be let and managed by Liverpool-based property agency Redwing, part of The Regenda Group.
“Redwing and Peel L&P have worked together on a number of exciting projects, including Plaza 1821 in Princes Dock in Liverpool. This new partnership will provide more high-quality, energy efficient homes across the North West and we’re proud to partner with Peel L&P on this exciting new business.”Michelle Brooks, Director of Operations at Redwing
The 100 initial single-family Build to Rent homes will be built across three sites – one in Ellesmere Port and two in Bolton. The sites include Glisk, Northstone’s new Ellesmere Port development at Rossfield Park, Silkash, Northstone’s first scheme in Westhoughton and Airie at Garnet Fold in Bolton. Homes will be available to rent from November 2022.
“With excellent commuter routes to nearby towns and cities, Northstone’s homes are ideal for people wanting to move out of the city centre with the flexibility of renting at more affordable prices rather than buying.
“Our new partnership with Redwing offers a better choice of housing managed by a trusted landlord and the reassurance of a homebuilder that’s heavily invested in creating sustainable communities and we’ll look to scale up the number of properties over the next five years.”Phil Wilson, Peel L&P’s Executive Director for Land, Communities and Homebuilding and Chief Executive of Northstone