Harrogate-based purpose-built student accommodation (PBSA) company, Homes For Students (HFS), has welcomed a new major shareholder with international real estate company Far East Orchard Limited (Far East Orchard) buying a 49% stake in the business in a deal worth £17.6 million. Founded in 2015, HFS operates over 40,000 beds in more than 50 university towns and cities in the UK and Ireland and is considered the largest independent PBSA operator in the UK. Far East Orchard, which has built a reputation in real estate development, investment and management across residential, commercial and hospitality properties in Australia, Japan, Malaysia, Singapore and the UK, moved into the development and investment of PBSA properties in the UK in 2015. Legal firm Raworths, also based in Harrogate, advised HFS on the deal, having represented the company since its inception. Martin Corbett, chief executive officer for Homes for Students (HFS), said: “The shareholders and I are pleased to welcome Far East Orchard as a new principal investor to the Homes for Students team following their purchase of 49% of the share capital from four of our exiting investors. “Since May 2023, we have been operating Far East Orchard’s PBSA property and already established a successful partnership. We very much look forward to continuing to grow our enterprise together, investing in our people, technology and new business streams. “Today, HFS employ over 800 colleagues and our turnover this year is forecast to be over £80m. We have become increasingly influential in the PBSA sector across the UK and Ireland, so together with Far East Orchard, will take PBSA to greater heights as part of our 2030 vision.” Simon Morris, managing partner at Raworths, said: “We are proud to be on this journey with HFS, facilitating the company’s strategic growth plan. The investment by a significant international real estate business is a major show of confidence and further boosts HFS’s reputation as the leading PBSA provider in the UK. “We look forward to continuing to work with HFS on this exciting new chapter as they continue to expand into new markets and locations.” Far East Orchard was represented by CMS and the exiting investors were advised by Walker Morris and Dentons.

Sheffield-based Duke Homes and Developments is to bring a derelict factory site into new residential use. The company has bought Cliffefield Works and Fulwood House, the former Goodman Sparks workshop and office buildings on the junction of Derbyshire Lane and Cliffefield Road in Sheffield, for an undisclosed sum in a joint venture with a group of the previous owners. The residential project, already granted permission by Sheffield City Council, will see the existing abandoned buildings demolished on the half-acre plot, with new two-storey accommodation spread across four groups of three terraces. There will be 12 three-bedroom townhouses featuring ‘heightened’ roof space and gardens. The development, designed by Sheffield-based architects AAD, is being built on an existing sustainable 17,825 sq ft brownfield site, and will include residents’ only off-street parking to be located to the rear accessed by a short private road. An existing stone wall along the Derbyshire Lane frontage will, in the main, be retained as part of the development, which aims to be started this summer. Brendan McMenamin, director at Duke Homes and Developments, said: “The development features high quality designs which respect the character of the area, whilst maintaining good living conditions for occupants and any neighbouring residents. “Sustainability forms an integral part of the plans which aim to tackle issues of climate change through good quality design and make efficient use of land and infrastructure. “Our development will enhance the character of the street-scene and create a lively and interesting environment on a former derelict site.” Sheffield solicitors Wake Smith adopted a multi-practice area approach advising on the company law elements plus commercial property matters for the purchasers. Tom Haywood, associate in Wake Smith’s company team advised on the joint venture and associated financing work, while Ben Spencer, director in the commercial property team dealt with the acquisition of the site from the original owners. Tom Haywood said: “Joint ventures are a common method of combining the business prowess, industry expertise, and personnel of several otherwise unrelated parties and can be used, as here, to combine assets and operations, share risk and make use of each party’s skills and capabilities.”

Energy and regeneration specialist Equans has been appointed by social housing provider 54North Homes to make 98 flats in Leeds more energy efficient. St Mary’s Court and St Mary’s Close in Chapeltown, as well as Wood Lane Court in Headingley, will undergo significant energy improvement work to make the homes warmer and more affordable to heat. Each building will be fitted with new external wall insulation to trap in heat and keep out cold air in winter. The insulation will also help to keep out hot air as temperatures rise over the summer months, keeping the flats cool. This highly efficient insulation will be topped with a modern rendered finish, giving the buildings a stylish look. Each of the one-bedroom flats will also have upgraded ventilation systems installed to allow air to circulate and to help reduce the likelihood of damp and mould occurring. New smart heating systems will be fitted to give residents better control over the temperature in their homes and to help them keep track of how much they are spending on energy. New doors will be added at both schemes, which will also help to control the temperature inside the homes. It is estimated that the project will reduce 54North Homes residents’ energy bills by up to £400 per property annually, whilst yearly carbon emissions will be reduced by up to a tonne in each home – enough to fill an Olympic size swimming pool five times over. As a result of the improvements, Energy Performance Certificate ratings in the flats will increase from as low as E to at least C. Sean Corcoran, Regional Director at Equans, commented: “Much of the carbon produced nationally comes from our existing homes, so projects like this are vitally important when it comes to meeting the UK’s net zero ambitions. “This improvement work will also bring huge benefits for the residents living in these homes by helping to ease the strain of paying expensive energy bills, whilst also making sure their home is a comfortable environment to live in.”

Heim Global Investor has made its first UK investment in the 375-home build-to-rent development BeckYard in the South Bank regeneration area of Leeds. The investment is being forward funded by Heim, with McLaren Living acting as developer, and with strong support from West Yorkshire Combined Authority. Construction has begun onsite, with completion expected in early 2027. BeckYard is being built by HG Construction. The site is in the heart of the South Bank regeneration area, a 10-minute walk from the city centre. Significant public and private sector investment is facilitating the development of the area with 8,000 new homes and over 1 million sq ft of commercial space. The new homes will consist of two buildings up to 26 storeys, with completion expected in January 2027. The development is being fully funded by Heim, with grant support from the West Yorkshire Combined Authority’s Brownfield Housing Fund. Head of UK Investments at Heim Global Investor, Christian Birrell says: “We are thrilled to announce our first investment for our UK build-to-core fund in Leeds. This project is just the first of many projects we plan to deliver, as we develop a 5,000+ unit portfolio targeting mid-market rental homes across the UK’s key cities. “Leeds is a strong city with an undersupply of affordable rental homes, and we are delighted to be working with such a strong development partner in McLaren Living. BeckYard marks the first investment in our UK fund, and we are currently looking at an interesting pipeline of deals across the UK.” Matthew Biddle, Managing Director, McLaren Living, said: “This is a pivotal moment for BeckYard, through our trusted partnership with Heim we’ve secured forward-funding for a major build-to-rent development in Leeds City Centre.”

honey has submitted plans for a £46m, 185 new home development on a 39-acre site on Tickhill Road in Maltby, near Rotherham. honey acquired the site from land and property development specialist Hargreaves Land for an undisclosed sum. Hargreaves Land promoted the site, securing a greenbelt release in Rotherham Metropolitan Borough Council’s Local Plan in 2018 and subsequently secured outline planning permission earlier this year. Called Jet, the proposed development will comprise a mix of two-, three-, four-bedroom homes and will include terraces, semi-detached and detached properties. If given the go ahead by the local authority, work at Jet is anticipated to start in the summer with the first residents expected to move into their new homes early next year. Of the 185 homes, 25 per cent have been designated to affordable housing. honey will also make a £786,000 contribution to local initiatives that will benefit the community if planning is granted. honey Chief Executive Officer, Mark Mitchell, said: “Maltby is a great location for us to build our high specification, sustainable homes. Our vision is to further enhance the town by providing the community with a well thought out development with homes that suit today’s lifestyles. “Our extensive market research has shown there is strong demand in and around the town for the types of properties we build. “All our house types combine style, substance and sustainability to demonstrably provide people with more than other new build homes do at the same price point. We now look forward to Rotherham Metropolitan Borough Council considering our plans for the site.” Andrew Johnson, head of asset management at Hargreaves Land, added: “Hargreaves Land has a longstanding and proud history working in the Maltby area and we are delighted to have completed the land sale with Honey. “We are excited to see Honey’s proposals for the development of sustainable new homes for the local community and wish them well with the site.”