More than 740 homes will be built in Leeds as part of a new £400m housing project for the UK.
The deal, which is part-funded by the Government, was announced yesterday (Dec 1) by Housing Minister Gavin Barwell.
National property company Dandara is leading the plans to build more than 2,000 private rented sector properties with support from the Government’s Homes and Communities Agency and banking giant HSBC.
Construction will start in January and will be completed by December 2019, with all permissions and contract already in place.
The new properties in Leeds will be in Holbeck Village with other developments in Manchester and Birmingham.
The project will receive £45m in funding from the Government’s new Home Building Fund – which makes money available to help kick-start new developments.
And it is believed the plans wil create up to 1,500 construction jobs.
Mr Barwell said: “We’re determined to create a bigger, better private rental market to offer greater choice for tenants in a country that works for everyone.
“This is one of the largest private rental sector deals in the UK and will not only create thousands of homes for people in Birmingham, Leeds and Manchester – it will create jobs and opportunities for many hundreds of people.”
And founder and chairman of the Dandara Group Dan Tynan said: “Dandara has already built more than 2,500 properties of this type in the last ten years in the UK, including Scotland’s largest private rented sector scheme of almost 300 properties in Aberdeen.
“We are now in a position to actively work with institutions, and independently, to make a sizeable contribution to this market.”
Following completion, Dandara will manage the letting and ongoing management of each development.