Long Harbour Forward Funds 175 Single Family Rental Homes With Bellway in East Midlands, Backed by National Housing Bank
Long Harbour, the real estate investment manager, has agreed to forward fund the delivery of 175 single family rental homes across two East Midlands sites in partnership with housebuilder Bellway, the firm announced. The transaction represents the first acquisitions in the region for the Long Harbour Single Family Housing Fund (LHSFF) and is backed in part by £100 million in capital recently secured from the National Housing Bank.
The 175 homes are split across two schemes: 94 units at Snelsmoor Village in Derby and 81 units at Weavers Fields in Desborough, Northamptonshire. Long Harbour described the deal as a further strengthening of a relationship with Bellway that has developed over the past decade.
Site Details: Snelsmoor Village and Weavers Fields
The Snelsmoor Village homes in Derby are part of a wider masterplan encompassing a total of 795 homes, a 60-acre country park, woodlands, a playing field, and a nursery and primary school that have already been delivered. The site is located approximately three miles from Derby city centre, less than five miles from East Midlands Airport, and 12 miles from Nottingham city centre. Long Harbour noted that Derby serves as a hub for advanced manufacturing and engineering, with Rolls-Royce, Toyota and Alstom campuses within commutable distance of the site.
Weavers Fields in Desborough is situated within walking distance of the town centre, a traditional Northamptonshire market town with a weekly farmers' market. The scheme benefits from proximity to Market Harborough, which offers direct rail service to London St Pancras in under an hour. The site also provides access to Kettering and nearby villages including Rushton and Braybrooke.
Fund Scale and National Housing Bank Backing
To date, LHSFF has committed to approximately £200 million of acquisitions, which Long Harbour said will deliver almost 500 homes. The fund has identified a further £500 million of opportunities and is targeting a total investment amount of £1.2 billion including debt. The £100 million commitment from the National Housing Bank represents a recent capital contribution toward that target.
Long Harbour said the fund is focused on areas with robust demographic trends, high population and employment density, and strong regional connectivity via road and rail networks across the UK, with a primary focus on the South and South East. The East Midlands acquisitions represent an expansion of that geographic scope. The firm noted that rental growth in the East Midlands has outperformed the UK average, while average annual rent relative to income is the second lowest of any region across England and Wales.
Bellway's Role and Product Positioning
Bellway, a FTSE 250 housebuilder, is delivering the homes across both sites. The firm has held HBF 5-Star Builder status for 10 consecutive years and has invested in low-carbon technologies across its developments, according to Long Harbour's announcement.
"The acquisition by Long Harbour in Desborough will enable more people to experience the benefits of living in a new energy-efficient home," said Paul Smits, Managing Director for Bellway Northern Home Counties. "Bellway is known for building high-quality homes and has secured HBF 5-Star Builder status for 10 consecutive years. We have also invested in new low-carbon technologies to benefit our customers and the environment. This commitment to quality and innovation has been recognised by Long Harbour and aligns with its own priorities."
Paul Coleman, Managing Director of Bellway East Midlands, added: "Bellway is already providing private homes for sale across the Snelsmoor Village area, in addition to affordable homes for rental or shared ownership. These private rental homes will provide more choice to people living in this part of Derbyshire."
Long Harbour's Single Family Housing Strategy
Jack Spearman, Managing Director of Single Family Housing at Long Harbour, said the East Midlands acquisitions reflect the momentum behind the firm's single family strategy and its housebuilder relationships. "The East Midlands region is an area with high economic growth prospects and a strong demand for rental housing," Spearman said. "These high quality homes delivered by Bellway offer a superior product to existing housing stock in the area, which combined with our Way of Life management offer makes a compelling offer to local renters."
Long Harbour manages homes through its Way of Life platform. The Derby and Desborough acquisitions mark the fund's entry into the East Midlands, extending a strategy that has previously focused on the South and South East of England. With approximately £500 million of additional opportunities identified and a £1.2 billion total investment target, LHSFF continues to scale its UK single family rental platform.