HUB and Smedvig have agreed a £155 million deal for a future build-to-rent development with build-to-rent operator Get Living to forward fund the first phase of a scheme to revitalise central Maidenhead.
The deal is developer HUB’s ninth forward funding agreement and its largest to date. It is also HUB’s first deal with Get Living and the first time Get Living has backed a development outside of the UK’s major cities.
The deal enables the partners to deliver 429 homes and 23,000 sq ft of ground floor retail, as well as car parking and extensive new public realm on a prominent 3.5-acre site in Maidenhead town centre. Construction will start on site immediately.
Designed by award-winning architect Studio Egret West, the mixed-use development, to be named One Maidenhead, will also deliver 104,000 sq ft of office space and another 15,000 sq ft of ground floor retail and leisure space in two further phases. A new Garden Square including soft landscaping, trees and seating areas will create a green destination in the heart of the town.
One Maidenhead – a key part of Maidenhead’s wider regeneration – is also adjacent to Maidenhead station, where Elizabeth Line trains will arrive in 2022, and will provide a much-needed link between the refurbished station and the town centre.
Research carried out by Savills identifies Maidenhead as an attractive location for build-to-rent investment because the town is underpinned by strong population and economic growth with high levels of employment in sectors that are forecast to grow significantly over the next decade.
Damien Sharkey, Managing Director HUB, said: “This is a landmark deal for HUB, being both our ninth forward funding deal and our largest to date. The scheme we will now deliver is particularly important for Maidenhead, being on a pivotal site for the town and based on designs developed through extremely close consultation with the local community, as well as strong collaboration and support from the Royal Borough of Windsor & Maidenhead. Working alongside Get Living strengthens the development even further, by bringing one of the most experienced and exciting BTR operators in the UK to Maidenhead. We are very excited to now start construction on this fantastic new place that will bring beautifully-designed, well-connected homes, employment opportunities and community facilities to the town centre.”
Rick de Blaby, CEO of Get Living commented: “This is a momentous deal for Get Living, being our seventh neighbourhood of large scale, but this time in a regional town rather than London or one of the UK’s large cities. In HUB, we have one of the UK’s most professional, innovative and enterprising developers whose vision for One Maidenhead can now be realised. It is our responsibility, as long-term owners and custodians, to ensure we provide a place for people not just to call home and put down roots, but to create the stage for community to build and thrive, just as HUB’s team and the Council have envisioned.”
Councillor David Coppinger, cabinet member for Planning, Environmental Services and Maidenhead, said: “We have worked closely with developer HUB to bring forward One Maidenhead, the next exciting piece in our regeneration ambitions for Maidenhead town centre, providing new homes, jobs and facilities that will enhance the vibrancy of the town centre, help to support further major investment in the Royal Borough and greatly benefit the whole community. With the very welcome news that the major capital investment is now in place for phase one of the scheme, I look forward to seeing this much-anticipated and much-needed redevelopment rising above the hoardings.”
Nick Pleydell-Bouverie, Head of Residential Capital Markets at Knight Frank, which advised HUB, added: “It’s fantastic to see another substantial BTR forward-funding deal agreed. One Maidenhead is an outstanding and highly refined scheme. Demand in the UK’s quickly maturing BTR market is being driven by strong operational performance, with £2.35b being invested in the first half of this year alone according to Knight Frank’s recent data.”
Andrew Brentnall, Head of UK Residential Investment & Development at Savills Operational Capital Markets, which acted on behalf of Get Living, commented: “We are delighted to have supported Get Living in their latest acquisition, which represents yet more evidence of the significant liquidity in this ever-growing sector.”
Research carried out by Savills identifies Maidenhead as an attractive location for build-to-rent investment because the town is underpinned by strong population and economic growth with high levels of employment in sectors that are forecast to grow significantly over the next decade.
Following an extensive public engagement programme involving 1,500 members of the local community, HUB and Smedvig received planning consent from the Royal Borough of Winsor and Maidenhead in 2018.
JJ Rhatigan has been appointed as main contractor. Construction is expected to complete in Q4 2024.
Article updated 13 December 2022 with site name: ‘One Maidenhead’
