JRL Group and investor Housing Growth Partnership have formed a £145 million joint venture to deliver Luton’s first Build-to-Rent (BTR) scheme.
The development in Castle Street will comprise 402 private rental apartments and 12 discounted market rent homes in three blocks.
Amenities will include a rooftop lounge, co-working spaces, gym, landscaped roof terraces and shared gardens.
HGP is providing £28 million of equity funding for the JV.
The construction phase of the scheme is already under way and targeted practical completion is December 2027.
The town is undergoing a £1.5 billion regeneration programme, which includes the expansion of London Luton Airport and the creation of a new Luton Town FC stadium alongside a 20-acre mixed-use neighbourhood.
Matthew Beech, investment director of JRL, said: “Forming this partnership with HGP to bring forward our Castle Street development is a significant milestone for the scheme. “Castle Street will set a new benchmark for rental living in Luton, a town undergoing a once-in-a-generation regeneration, with investment transforming its economy, infrastructure and public realm.
“By delivering high-quality, professionally managed rental homes, JRL is proud to be helping to shape the future of Luton.”
Colin Bennett, investment director of HGP, said: “This first joint venture with JRL underlines our confidence in the resilience of the living sector at a time when economic and planning constraints are impacting housing starts.
“We are excited to bring the first BTR homes to Luton, made possible by the alignment of JRL’s delivery expertise with our flexible, long-term investment approach.
“This partnership will accelerate the scheme’s delivery, and we look forward to exploring further opportunities together in the future.”
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