Following exchange of contracts in May 2017, Long Harbour, the alternative real estate asset manager, and the Sowden Group have completed their forward fund transaction to deliver 297 homes for rent on Vaughan Way in the centre of Leicester. Winvic Construction Limited have been appointed as preferred contractor to deliver the scheme.

The site lies within Leicester’s strategic regeneration area and is directly opposite the new extension of the High Cross shopping centre. A historic Roman mosaic floor was discovered on the site earlier this year which will be on display in the nearby Jewry Wall Museum in St Nicholas Circle.

The scheme has been specifically designed for the Private Rented Sector (‘PRS’) and will offer those looking to rent in the city centre a concierge service, private amenity space, rooftop gardens and quality apartments. Construction will now commence on site with delivery of the units expected in April 2019.

Long Harbour will retain ownership of the scheme and fund the development through The Long Harbour Income Fund, its institutional PRS fund.

Long Harbour’s Investment and Development Director, Rebecca Taylor said, “We are very pleased to have closed this deal with our local developer partner Sowden and Winvic as the contractor. Leicester was identified as a target area for investment early on given its diverse and growing economy and forecast population growth. We are passionate about delivering both quality and affordable homes that people will want to rent. We have worked hard with our advisors, the design team and delivery partners to ensure the scheme reflects this. Vaughan Way is our first investment in the East Midlands and demonstrates Long Harbour’s continued commitment to the Private Rented Sector having now invested in excess of £355million into the space.”

Roy Coley of Sowden Group, commented “This is a great development which will considerably enhance a side of the inner ring road which has been neglected in the past. We are pleased that it is attracting large scale investment from London asset managers. As well as a first for Leicester, this is probably the only London investment in PRS in the East Midlands.”

Danny Cross, Winvic’s Business Development Manager, commented: “This is another excellent opportunity to enhance our reputation for delivering high-profile, multi-room schemes in Leicester. This will be our first opportunity to work with Long Harbour on behalf of the Sowden Group, so we look forward to that association delivering a project that provides the city centre with more high quality living space.”

About the Sowden Group

Established in 1950, the Leicester city centre-based Sowden Group has been, and continues to be, involved in some of the biggest regeneration projects in the centre of Leicester, providing much-needed Grade A office space, retail units and city centre accommodation

About Winvic

Formed in 2001, Winvic are a privately-owned, multi-disciplinary contractor who have established a reputation for delivering major construction projects in a wide range of sectors throughout the United Kingdom. With an impressive portfolio of clients, many of whom are blue chip, and annual turnover in excess of £500 million, the Private Rental Sector (PRS) is just one area in which the company specialises within multi-room sector, others being retail & leisure, commercial, civils/infrastructure, mega-sheds, industrial and fit-out.