SDL's Direct Lettings business has been working exclusively with Sigma Capital Group, who in a joint venture with Gatehouse Bank plc, will be rolling out an initial c.2,000 new-build privately rented residential properties in the UK. These units will be built across 22 sites in the North West of England and have been supported by Sigma’s local authority partnerships with Liverpool and Salford City Council.
The construction of the initial batch of properties is expected to take place over 24 months from the first quarter of 2014, with new homes being delivered in phases. The joint venture also provides for the creation of a portfolio of a further c.4,600 new privately rented homes.
The portfolio will deliver significant high quality housing stock and assist with the regeneration objectives of the group's local authority partners in a cost efficient and timely way.
Direct Lettings will centrally manage the portfolio and the properties and tenants will be serviced in all locations by the group's Century 21 UK agency business. Century 21 UK is an estate and letting agency franchisor and the UK arm of the world’s largest residential estate agency organisation.
SDL also owns the property services businesses if I were you Mortgage Brokers and moneyQuest Mortgage Brokers.
Rob Clifford, Group Commercial Director of Shepherd Direct Group and CEO at Century 21 UK, said:
“This first tranche of 2,000 privately rented homes which are to be built in the North West already represent one of the largest single new-build residential housing portfolios in the UK and the fact that our Direct Lettings and Century 21 UK businesses have been chosen as the sole management and lettings partners is a real coup for the Shepherd Direct Group and our highly talented and dedicated team. All properties in the portfolio will be expertly managed at central office by Direct Lettings and by our chosen local offices. In its initial phase this venture will offer high-quality private rental housing stock to thousands of individuals and families in the area and our Century 21 offices will be at the forefront of selecting suitable tenants for these properties. To say this represents a major opportunity for Shepherd Direct Group, Direct Lettings and our existing and new Century 21 offices across the UK would be something of an understatement. We are looking forward to seeing these quality rental properties coming to the marketplace over the forthcoming months and years.”
Paul Staley, Managing Director - Corporate Partnerships at Direct Lettings, commented:
“We have been working closely with Sigma and other stakeholders on this specific project over the course of the last year and are delighted to finally announce this exclusive relationship between our businesses. The sheer size and scale of the portfolio means this is a relationship that can deliver a great deal to the business not just Direct Lettings but all those Century 21 offices that will be charged with selecting and helping the tenants. Our role in the project has been wide ranging including assisting Sigma to identify suitable sites, input in the design and layout of the sites as well as the specification of the properties to ensure they are built to a standard and in a location to maximise their rental yields. We will have many thousands of high-quality properties to offer prospective tenants and this represents a very exciting time for our businesses and all those people who will be able to secure an exceptional home because of this new partnership.”