Lloyds Bank announces latest private rental sector initiative

Details have been given of Lloyds Bank’s latest dive into the Build To Rent market.

Its BTR arm, Citra, has acquired 49 homes for rent in Gedling, Nottingham, within a 1,000-home scheme by national housebuilder Keepmoat.

The Park View development, currently under construction, will create a new neighbourhood consisting of a range of two, three and four-bedroom family homes.

Citra, a rental housing owner and operator which is part of Lloyds Banking Group, has agreed to acquire 49 homes with the first 16 already handed over and ready to rent, and the remaining to complete in phases by October.

The majority of the rental homes are two- and three-bedroom, and in line with Citra’s drive to provide energy efficient rental properties, over 85 per cent have an EPC rating of B.

The partnership between Citra and Keepmoat was announced earlier this year, with the aim of increasing the supply of high-quality rental housing across the UK by building Citra’s portfolio of purpose-built rental properties. The partnership has already seen Citra invest in 68 homes at Keepmoat’s Coney Green site in Clay Cross, located near Chesterfield.

Andy Hutchinson, managing director of Citra Living, says: “It’s great to see our partnership with Keepmoat building momentum, delivering good quality, sustainable housing for young families and workers that grows our footprint in a new area. 

“Our focus is on delivering rental options where they’re needed most, and with new job opportunities popping up in Nottingham and across the East Midlands, it is the perfect location for young people and families to put down roots.”

 And Tristin Willis, regional managing director at Keepmoat East Midlands, adds: “Providing high quality, sustainable homes at accessible prices is a core Keepmoat value. We are always on the lookout for new partners that can enable us to continue meeting this objective, and the acquisition of the homes at our Park View development by Citra will help more people in Nottingham’s community to access a new home within close proximity to the city centre.”