Placefirst and Wain Homes have agreed a forward-funded partnership to deliver 72 new two and three-bedroom single-family rental homes in Preston, Lancashire.
The deal marks Placefirst’s entry into the Preston market, and the BtR specialist says it will further strengthen its growing portfolio across the North West and the UK. The homes will form part of Phase 3 of The Paddocks masterplan, which is set to deliver 429 homes in Higher Bartle, four miles from the centre of Preston. The wider masterplan will deliver more than 1,000 homes across five phases.
The homes will be delivered to a high specification, with all properties heated by air source heat pumps and built to an EPC B rating, which the partnership says reflects a shared commitment to delivering energy-efficient homes designed to help reduce energy use for tenants. Homes will be completed in phases between January 2027 and January 2028, with a total GDV of £20.5million.
The new development will provide rental homes in a city with a growing population, which has increased over 16.3% over the last decade, driving demand for professionally-managed rental accommodation. The new homes are also strategically located close to Royal Preston Hospital, one of the region’s largest employers, making them well-positioned to meet the needs of healthcare workers.
As with all its schemes, Placefirst will aim to provide a stress-free and enjoyable place for residents to live by managing the whole process, including design, lettings and maintenance.
Anna Hwang, chief investment officer at Placefirst, said: “This deal marks Placefirst’s entry into the Preston market, where there is demand for high-quality rental housing. Partnering with Wain Homes, a housebuilder with a proven reputation for quality and delivery, gives us great confidence in the scheme’s future success. The Paddocks will provide attractive, energy-efficient homes and we look forward to welcoming our first residents in 2027.”
Richard Chamberlain, regional managing director at Wain Homes, said: “We’re pleased to be partnering with Placefirst on this forward-funded agreement at The Paddocks. It brings together two businesses with a shared commitment to quality, sustainability and creating homes that meet local demand. This partnership will help bring a range of high-quality rental homes to Preston, supporting the next phase of this growing community.”
