Dandara Group has revealed plans to build 2,000 new Private Rental Sector (PRS) homes across Manchester, Leeds and Birmingham.

The developer is being supported by the Homes and Communities Agency (HCA) as well as HSBC with an estimated value of almost £400 million.

Galliford Try, Interserve, Sir Robert McAlpine and their subcontractor supply chains have all worked alongside Dandara during the project planning phase.

Work is set to start in January next year, with construction expected to be complete by December 2019. All permissions and contracts are already in place.

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The scheme is also set to create 1,500 new construction jobs.

Dan Tynan, Dandara Founder and Chairman, said: "Dandara has already built more than 2,500 properties of this type in the last ten years in the UK, including Scotland's largest PRS scheme of almost 300 properties in Aberdeen, acquired by LaSalle Investment Management on behalf of a large pension fund.

"We are now in a position to actively work with institutions, and independently, to make a sizeable contribution to this market.

"PRS is already providing accommodation for a new generation of workers in London, and with these new developments we will deliver much-needed, purpose built and professionally managed ‘build-to-rent' property in the regions."

HSBC's UK Head of Housing, Hugh Taylor, added: "We are really pleased to be supporting Dandara alongside the HCA with development finance on this multi-site roll out of ‎their PRS programme. It is a significant contribution to the 'housing challenge' and is further evidence of PRS beginning to emerge as a distinct asset class."

Image: CGI of PRS development in Greater Manchester

(LM)