Place strategy

Peel L&P establishes suburban BTR company

Letta is a partnership between Peel and Liverpool-based estate agency Redwing which aims to deliver 1,000 homes for rent over the next five years.

Peel’s homebuilding arm, Northstone, will build and own the properties and Redwing, part of the Regenda Group, will lease and manage them.

Letta has identified around 100 two- to four-bedroom homes for rent at three Northstone locations: Glisk in Ellesmere Port and Silkash and Airie, both in Bolton.

By creating Letta, Peel L&P hopes to meet pent-up demand from families wanting to rent in suburban areas, according to Phil Wilson, managing director of Northstone, which is part of Peel L&P.

“The build-to-rent market has grown tremendously, mainly with successful apartment schemes in the city centre,” he said.

“However, following the pandemic and with general pent-up demand from families also wanting to rent, we now see the opportunity to offer high-quality, well-managed rental housing in our suburban neighborhoods that suits their changing lifestyles. life and more agile work models. ”

The first Letta homes will be available from November 2022. Letta is derived from the Old English term ‘Leta’ which means ‘to rent’, which follows Northstone’s naming strategy for its developments.

Wilson added: “Our new partnership with Redwing provides greater choice of trusted owner-managed housing and the assurance of a homebuilder heavily invested in creating sustainable communities and we will look to increase the number of properties across the country. over the next five years. .”

“Redwing and Peel L&P have worked together on a number of exciting projects, including Plaza 1821 at Princes Dock in Liverpool,” said Michelle Brooks, COO at Redwing.

“This new partnership will provide more high quality, energy efficient homes in the North West and we are proud to partner with Peel L&P on this exciting new venture.”