The Housing Growth Partnership (HGP), backed by Lloyds, has revealed it has invested almost £18 million of equity across seven housing schemes in the Midlands since the start of 2023. How will this accelerate housing delivery efforts in the region?
HGP’s £17.7 million investment, alongside local builders, will help to construct 557 apartments and houses in the Midlands.
The investment will help support sustainable developments
The projects are set to be completed between 2024 and 2025, and one of these includes a sustainability-led retrofitting of the former St Mary’s Hospital in Melton Mowbray, Leicestershire. This is aiming to provide 41 houses and four apartments.
Another project is in Leicester city centre, where 171 build-to-rent apartments, alongside Monk Estates, will be developed.
Using MMC, focusing on reducing carbon emissions and accelerating construction, 21 homes will be built in Sutton, Bedfordshire.
Other projects include 37 and 166 apartments respectively in Birmingham city centre with Rainier Developments, 47 homes in Tansley Gardens alongside Stancliffe Homes, and the land purchase for about 70 homes in Derbyshire working with Cora Homes.
HGP has a commitment to fund schemes that deliver social value
Mike Murphy, Investment Director for the Midlands at HGP, explained that ensuring that the UK is meeting the current housing demand is essential.
He said: “Against a restrictive debt financing backdrop, the requirement from regional UK developers for funding solutions that enable them to grow their businesses and accelerate housing delivery has never been more acute.”
Continuing, Mike highlighted that being sustainable and looking towards the future is the focus: “We have significant ambitions in the Midlands to continue expanding into different tenures. At the same time, these investments are aligned with our commitment to funding schemes which are delivering demonstrable environmental and social value.”
In the Midlands, HGP has been working with small housebuilders since 2016. It has invested around £37 million in equity across 20 schemes in the East and West Midlands. Over the last two years, it has seen more than £26 million invested.
Seeing investments in housing developments like this is critical to addressing the housing shortage in the Midlands and beyond. To tackle the housing crisis, the UK needs to focus on delivering good quality, affordable and sustainable homes.