New private rented sector entrant Neighbour has bought a 200-home residential development opportunity in Leeds for its burgeoning build-to-rent portfolio.
Flax Place, which will have a gross development value of £35m, was bought from RBS’s West Register.
Planning permission exists for a 194-home scheme, but Neighbour is considering submitting plans for a bespoke rental development.
Flax Place is the company’s second acquisition after it bought the 53-home OXLO development in Dagenham, east London, earlier this year.
Neighbour said it intends to create a portfolio of up to 5,000 homes around the UK.
Titchmarsh & Co acted for RBS.
